LyondellBasell, the world’s third-largest petrochemicals company, on Tuesday filed to place 79 of its global affiliates under bankruptcy protection after an unsuccessful attempt to restructure its $26bn of debt.

The company said on Tuesday night that it had secured $8bn of debtor-in-possession financing, including $3.25bn in new financing, from a group of lenders in order to continue its operations. Lyondell Chemical listed assets of $27.1bn and debt of $19.4bn.