NEW YORK (Reuters) – Private equity firm Apollo Management LP is among the largest creditors of Lyondell Chemical Co., Bloomberg reported, citing a person with direct knowledge of the matter.
The U.S. operations of LyondellBasell, the world’s third-largest petrochemical company, filed for bankruptcy protection on Tuesday, under the weight of a massive debt load and slumping demand.
Apollo is part of a group providing debtor-in-possession financing to fund Lyondell’s operations, according to the person cited by Bloomberg, who asked not to be identified because Apollo’s stake hasn’t been disclosed.
Spokespersons for Apollo and Lyondell were not immediately available for comment.
The U.S. operations have obtained $8 billion in debtor-in-possession financing to help fund operations, including $750 million from Access Industries.
(Reporting by Phil Wahba)