Struggling Firm Accepts State Money, Promises 42 New Jobs

Dutch chemical firm LyondellBasell is adding 42 jobs at its office in suburban Wilmington, Delaware, the company has announced.

LyondellBasell already employs 118 people in Delaware, and most of the new jobs will be managerial or professional positions. Its North American polymers business is headquartered in Talleyville.

The company was formed last year by the merger of Lyondell Chemical and the Basell Service Company.

The Delaware Economic Development Office awarded the firm a $126,000 grant for the expansion. If the company fires any employees in the next seven years, the state could recover the money.

LyondellBasell has hired bankruptcy lawyers, and is trying to raise as much as $2 billion in financing.

The firm denied reports that it has defaulted on millions in loans. Several lenders have allowed it to postpone $160 million in loan payments.