MASSIVE number of Bankruptcies around the corner
Jnauary 1st, 2009 is just a day away. As the new year begins, expect to start reading about an incredible number of bankruptcies.....and it will not be industry specific.....it will include governments and businesses, individuals and families.....the numbers will likely be shocking!!!!
Again NO FEAR.....PREPARE!!!!!!!!
Think of this blog as basic training for the war on misinformation. Preparation fertilizes chance.
The following from the WSJ:
LyondellBasell Industries, the world's third-largest independent chemical company, told lenders on Monday it is considering filing for bankruptcy protection amid plunging sales and a cash crunch, people familiar with the matter said.
LyondellBasell, which is based in the Netherlands and has large U.S. operations, has hired bankruptcy counsel and told lenders it is trying to line up as much as $2 billion in bankruptcy financing, these people say. A Chapter 11 filing may be imminent, they say.
The chemicals industry has been battered over the past year, first by high prices for oil and natural gas, which are key components ...
Just wait until we start reading about the restaurants, retailers, builders, commercial RE projects, ect.....it will not be too long now.....lots of leases, contracts, lines of credit ect....come due or expire at the end of the year.