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WHIPPANY, N.J. - Suburban Propane Partners LP said Wednesday it has no connection to this week's bankruptcy filing by the U.S. arm of chemical giant LyondellBasell Industries, a clarification the propane firm made after a similarly named company was listed among LyondellBasell's affiliated entities in the Chapter 11.
Suburban Propane, a nationwide distributor of propane gas and fuel oil, said it "disclaimed any affiliation" with Tuesday's Chapter 11 filing by LyondellBasell Chemical Co. None of Suburban Propane's affiliates has any connection with LyondellBasell, Suburban Propane said, and it "is in no way impacted" by the bankruptcy.
The name "Suburban Propane GP Inc." appeared among 79 corporate entities on a list of "filing entities" in the bankruptcy. The list was included in the petition for relief as part of the Chapter 11 filing, and also accompanied a news release from LyondellBasell announcing the bankruptcy.
LyondellBasell spokesman David Harpole said Wednesday that Suburban Propane Partners LP was unrelated to the similarly named entity on the list.
Shares of Suburban Propane, structured as a publicly traded master limited partnership, fell $1.05, or about 2.8 percent, to $36.35 on Wednesday.
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