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MANHATTAN (CN) – Lyondell Chemical Co., one of the world’s largest privately held chemical makers, has filed for bankruptcy, listing $27 billion in assets and $19 billion in liabilities. The Houston-based company cited a dramatic decline in demand and extreme volatility in costs of raw materials for its polymers and petrochemical products. Affiliated companies that also filed for Chapter 11 protection include Basell Finance, HOISU Ltd., the Lyondell Houston Refinery, Lyondell LP4 fka Lyondell Petrochemical, Millennium America, Circle Steel Corp., Duke City Lumber Co., Equistar Chemicals, and LeMean Property Holdings Corp. Lyondell is represented by Andrew Troop with Cadwalader Wickersham.
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