LyondellBasell, this one could hurt!!!

[Marilyn]

We were greated by this news this morning. http://biz.yahoo.com/ap/081231/lyondellbasell.html

We were expecting the plants to have units down, layoff some folks, but possible bankruptcy of the WORLD'S 3RD LARGEST CHEMICAL COMPANY. This we were not expecting. Three of the plants in my territory are LyondellBasell plants. We have a lot of outstanding invoices and orders ready to ship.

This one could hurt. I don't ask for prayers often on here, but this time, they are needed not only for us, but for the thousands of others who may be affected. This one is HUGE!!

My little branch could suffer. I still think I will survive, simply because of my reputation with the company. If the branch were to close, hopefully I could still maintain my job, just reporting to another branch. However, now I am getting concerned, moreso than ever.

I spent most of the morning on this, reviewing numbers & talking with our CEO. Next week I will probably have to go to Houston to participate in a strategy meeting. We have to protect ourselves while maintaining the relationship we have with this wonderful customer. Many of the guys working at their plants I personally consider to be friends, not just customers. So very, sad for our country!!

[judy]

I will be praying for you all Marilyn.

Hopefully, we will get out of this slump sooner than later. It is very scary.

[Janet]

I'm beginning to think this is just the tip of the iceberg ladies. It will probably get a lot worse before it gets better...if it does at all. The news just isn't good.....for anyone.

[AngieDoogles]

I'm so sorry to hear this Marilyn. I will keep you and all those affected in my thoughts and prayers. Sometimes it's so hard to stay positive, but this recession has to end some time...

[Forgivenmom5]

I am so sorry Marilyn! Things are a little slow where I work too. The plant has been off more days through the holidays than normal. For several months they have been closed on Fridays sometimes and closed at lunch some days. Another plant in our area closed Wednesday without giving any notice. They employed 180 people and one lady said her supervisor called her about 3 hours after she got off work tuesday and told her they were closed immediately. Traci and her husband moved up next to DC because of the job situation here. Hopefully things will begin to improve. One of my bosses thinks things will start to improve by summer.

I hope this does not hurt you too much!

[gja1000]

It is very scary right now - for everyone. I think we are all affected, one way or another. Like Marilyn said though, it can cause you to rethink priorities and what really matters. I know lots of people are having a really rough time right now, and I hope things turn around economically very quickly.

[Janet]

Originally Posted by Forgivenmom5

I am so sorry Marilyn! Things are a little slow where I work too. The plant has been off more days through the holidays than normal. For several months they have been closed on Fridays sometimes and closed at lunch some days. Another plant in our area closed Wednesday without giving any notice. They employed 180 people and one lady said her supervisor called her about 3 hours after she got off work tuesday and told her they were closed immediately. Traci and her husband moved up next to DC because of the job situation here. Hopefully things will begin to improve. One of my bosses thinks things will start to improve by summer.

I hope this does not hurt you too much!

Debbie, please tell Traci we miss her here okay. I hope the move was a positive one for her and her family.

[DianaB]

I'm so sorry that you have all of this to worry about, Marilyn. I'll keep you and your situation in my prayers.

[Gina]

Marilyn you are in my prayers, I hope this will not effect you. I pray for the country to like Janet mentioned I do to think this will get worse before it gets better..

[Janet]

As long as we have each other to lean on...and Marilyn...lean on us...I honestly feel I could make it through most anything.

[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!!

[DianaB]

That's too bad. We should all be worried about what's going on.

[Janet]

I don't want it to hurt anyone, but I sure don't want my family and friends hurt by all this.

[Marilyn]

I spoke with one of the guys that I work with, Shane, this afternoon. He was out looking for a home to rent today. We were his landlords, until this past summer when we sold the home he is living in to a gentleman in the oil business. The new owner planned to continue to rent the home to Shane and his family. However, he notified Shane yesterday, that due to the price of oil dropping so suddenly, he is having financial troubles and must move out of his home in town and move into the rent house. When Shane paid his rent yesterday, he was given a 30 day eviction notice. I feel so bad. If we hadn't sold the property, this wouldn't be happening. Although, selling when we did was a really good thing for us.

It looks like none of us will be spared some hardship as a result of these times.

[Marilyn]

Well, it happened......
http://biz.yahoo.com/ap/090106/lyond...ankruptcy.html

I've been working feverishly trying to minimize our loss potential ever since first starting this thread. My e-mails and phones fell silent about 3 p.m. when the news hit.

I really do not know at this time what this means. It was like a crash had occurred, but there was no noise. Those of us in the frey of things were just stunned. We were racing against the clock and the time ran out.