Insolvent polyolefins giant LyondellBasell (Rotterdam / The Netherlands; www.lyondellbasell.com) continues to be in the spotlight. Days after the group said on 8 May that it would add 13 non-operating US entities to its Chapter 11 filing, the announcement was upstaged by news of a change in ownership structure. Access Industries (New York / USA; www.accessindustries.com), the investment vehicle of Russian-born US entrepreneur Len Blavatnik, is transferring all of its shares to a new holding, ProChemie GmbH (Oberndorf / Germany), a 50:50 joint venture he will operate with German-born and London-based entrepreneur Andreas Heeschen.

In a statement, the new partners said they would “jointly support the restructuring process” at LyondellBasell with an eye towards “developing business opportunities worldwide.” Industry observers – most taken by surprise – are divided on what role the relatively unknown Heeschen will play at LyondellBasell and what worldwide business opportunities the investors are eying. Some say Blavatnik’s engagement of a partner, which dilutes his equity in the polyolefins manufacturer, will allow him to acquire individual assets of LyondellBasell after it exits Chapter 11 – a route not available to a majority shareholder.

According to a Heeschen spokeswoman quoted in the German and UK press, the businessman who began his career in the petrochemical industry, is a close friend of Blavatnik and “well connected in Germany and the Middle East.” The new LyondellBasell investor is majority shareholder of German small arms manufacturer Heckler & Koch (Oberndorf; www.hecklerkoch.com). ProChemie GmbH will operate as a sub-unit of ProChemie Holding, formerly known as HK Sidearms Holding, which is connected with Heckler & Koch.

Various scenarios are being drawn up as to how LyondellBasell will look when it emerges from insolvency. Holders of the petrochemicals group’s debtor-in-possession notes – see Plasteurope.com of 12.01.2009 – currently worth USD 8 bn are seen as walking away with most of the equity. Private equity investor Apollo (New York / USA; www.apolloinc.com), one of the principal creditors, could end up as majority shareholder, reports say. LyondellBasell meanwhile has announced that the claims bar date – the deadline for DIP holders to file claims – has been extended to 30 June 2009 in order to have only one claims deadline for all of the units in Chapter 11.