LyondellBasell, this one could hurt!!!

[Marilyn]

The news this afternoon was no better, in fact it could be even worse because the forecast now is that the fall of LyondellBasell is probably inevitable. We determined today how to continue to work with them and not expose us any more than necessary should they default. We just hope that their requirements in the next 30 days will not be too great. According to the news today, they have until Sunday to make their payments. If they default, I'm not sure what will happen next.

http://money.cnn.com/news/newsfeeds/...3_FORTUNE5.htm

"In a regulatory filing Wednesday, LyondellBasell said lenders had agreed to postpone $160 million in fee payments to Jan. 4 from Dec. 29. The deadline for the payment had been extended previously from Dec. 19. It also postponed $120 million of interest due on some debt.
LyondellBasell's biggest lenders include Citigroup (C), Merrill Lynch & Co. ( MER) and Goldman Sachs Group Inc. (GS). Spokespeople for all three declined to comment."

These are things you don't want to read about one of your key customers. They are a very good company, very good people and the purchase that got them in trouble seemed to be a good thing at the time. They got caught just like some of us did with our 401K's. They needed a crystal ball even more than we did!!