HOUSTON, Feb. 10 /PRNewswire/ -- The United States Bankruptcy Court for the Southern District of New York has entered a temporary restraining order against any creditor of Lyondell Chemical Company or its co-debtor affiliates and subsidiaries from proceeding against LyondellBasell Industries AF S.C.A. pursuant to guaranty agreements entered into by LyondellBasell Industries AF S.C.A. with such creditors.

The temporary restraining order also restrains holders of record and beneficial owners of the euro 500 million and $615 million 8 3/8% Senior Notes due 2015 issued by LyondellBasell Industries AF S.C.A. from, among other things, taking any action to accelerate the maturity of such notes.

A hearing will be held on the motion for preliminary injunctive relief on Friday, February 13, 2009 at 9:45 a.m. before the Honorable Robert E. Gerber, United States Bankruptcy Judge, at the United States Bankruptcy Court for the Southern District of New York, Courtroom 621, One Bowling Green, New York, New York 10004. Any objections to the motion for preliminary injunction must be received no later than 12:00 p.m. on Thursday, February 12, 2009 by the Bankruptcy Court and filed electronically in accordance with General Order M-242.

Such objections must also be served on i) Susman Godfrey L.L.P., proposed attorneys for the Debtors, 1000 Louisiana Street, Suite 5100, Houston, Texas 77002 (Attn: Vineet Bhatia, Esq. and David Peterson); (ii) Cadwalader, Wickersham & Taft LLP, proposed attorneys for the Debtors, One World Financial Center, New York, New York 10281 (Attn: Deryck A. Palmer, Esq. and Jessica L. Fink, Esq.); (iii) the Office of the United States Trustee for the Southern District of New York, 33 Whitehall Street, New York, New York 10004 (Attn: Paul Schwartzberg, Esq.); (iv) Davis, Polk & Wardwell, attorneys for the agents for the Debtors' postpetition credit facilities, 450 Lexington Avenue, New York, New York 10017 (Attn: Marshall S. Huebner, Esq. and Timothy E. Graulich, Esq.); (v) Simpson Thacher & Bartlett LLP, attorneys for UBS AG, Stamford Branch, as Term DIP Agent, 425 Lexington Avenue, New York, New York, 10017 (Attn: Kathrine A. McLendon and Anne L. Knight); (vi) Brown Rudnick LLP, proposed attorneys for the Official Committee of Unsecured Creditors, Seven Times Square, New York, New York 10036 (Attn: Edward S. Weisfelner, Esq.) and Brown Rudnick LLP, One Financial Center, Boston, Massachusetts 02111 (Attn: Steven D. Pohl, Esq.); and (vii) Mayer Brown LLP, attorneys for the agents for the Debtors' postpetition credit facilities, 1675 Broadway, New York, New York 10019 (Attn: Brian Trust, Esq.).

A copy of the temporary restraining order and other relevant documents may be found at the following internet address: http://chapter11.epiqsystems.com/lyondellbasellindustries

The case number for the bankruptcy action is 09-10023

About LyondellBasell

LyondellBasell Industries is one of the world's largest polymers, petrochemicals and fuels companies. The company is the global leader in polyolefins technology, production and marketing; a pioneer in propylene oxide and derivatives; and a significant producer of fuels and refined products, including biofuels. Through research and development, LyondellBasell develops innovative materials and technologies that deliver exceptional customer value and products that improve quality of life for people around the world. Headquartered in The Netherlands, LyondellBasell (http://www.lyondellbasell.com/) is privately owned by Access Industries.

Forward-Looking Statement

This press release contains forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from the future results, performance or achievements expressed or implied by the forward-looking statements. Assumptions and other important factors that could cause our actual results to differ materially from those anticipated in our forward-looking statements include, among other things: (i) the ability of LyondellBasell to develop, prosecute, confirm and consummate one or more Chapter 11 plans of reorganization; (ii) the potential adverse impact of the Chapter 11 filing on LyondellBasell’s operations, management and employees, and the risks associated with operating businesses under Chapter 11 protection; (iii) the ability of LyondellBasell to comply with the terms of the DIP financing facility; (iv) the availability, cost and price volatility of raw materials and utilities; (v) uncertainties associated with the United States and worldwide economies, including those due to political tensions in the Middle East and elsewhere; (vi) the supply and demand balances for LyondellBasell’s and its joint ventures’ products, and the related effects of industry production capacities and operating rates; (vii) legal, tax and environmental proceedings; (viii) the cyclical nature of the chemical and refining industries; (ix) operating interruptions, including leaks, explosions, fires, weather-related incidents, mechanical failure, unscheduled downtime, supplier disruptions, labor shortages or other labor difficulties, transportation interruptions, spills and releases and other environmental risks; (x) current and potential governmental regulatory actions in the United States and in other countries; (xi) terrorist acts and international political unrest; (xii) competitive products and pricing pressures; (xiii) risks of doing business outside the United States, including foreign currency fluctuations; (xiv) LyondellBasell’s ability to service its substantial indebtedness; (xv) available cash and access to capital markets; (xvi) customer response to the Chapter 11 filing; and (xvii) the risk factors or uncertainties listed from time to time in Lyondell Chemical Company's filings with the Securities and Exchange Commission and with the U.S. Bankruptcy Court in connection with the company's Chapter 11 filing. Other factors and assumptions not identified above are also relevant to the forward-looking statements, and if they prove incorrect, could also cause actual results to differ materially from those projected.

Forward-looking statements speak only as of the date of this release. We disclaim any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based.

SOURCE: LyondellBasell Industries

Web site: http://www.lyondellbasell.com/

Contact: David Harpole, LyondellBasell, +1 713 309 4125