Access demonstrates full support for LyondellBasell's efforts to restructure its balance sheet amid the global economic crisis and industry downturn and to reposition the Company for long-term success

NEW YORK, Jan. 6 /PRNewswire/ -- Access Industries has committed to provide $750 million of the total $3.25 billion of new money debtor-in-possession (DIP) financing arranged by LyondellBasell in conjunction with its petition for relief under Chapter 11 of the United States Bankruptcy Code. Contributing $750 million in funding makes Access one of the largest contributors of new money funding raised as part of the DIP facility. The Company's Chapter 11 petition remains subject to Bankruptcy Court approval.

Access' commitment of $750 million represents one of the largest DIP financing commitments by an owner of an independent industrial concern over the past year. The scale of the financing reflects Access' belief that LyondellBasell's underlying business is strong and that the Company will be able to successfully emerge from Chapter 11 in a competitive position.

Len Blavatnik, founder and Chairman of Access Industries, said: "Access is committed to help LyondellBasell position for long-term success by addressing the challenges caused by the global economic crisis. Access' continued financial support reflects its commitment to LyondellBasell and to the interests of the Company's lenders, employees, customers and suppliers. We also appreciate the strong support that the banks have provided the Company during this difficult period."

Market conditions, which have negatively impacted both LyondellBasell and the broader chemicals and petrochemicals sectors, are expected to remain challenging in the near term. LyondellBasell is undertaking a Chapter 11 restructuring to position itself for recovery once stability returns to the credit markets, raw materials pricing and global demand.

Upon approval from the Bankruptcy Court, LyondellBasell will use the DIP financing to help fund the Company's ongoing operations as it restructures its debt and improves its financial position. LyondellBasell expects to retain its status as one of the world's largest polymers, petrochemicals and fuels companies and the world's third largest independent chemical company.

About Access Industries

Access Industries is a privately held, U.S.-based industrial group with long-term holdings worldwide. Access was founded in 1986 by Chairman, Len Blavatnik, an American industrialist. Access' industrial focus spans three key sectors: natural resources and chemicals; telecommunications and media; and real estate. (www.accessindustries.com).

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SOURCE Access Industries