January 27, 2009 / 9:12 PM / 10 years ago

Goldman took $850 mln LyondellBasell loan loss

NEW YORK, Jan 27 (Reuters) - Goldman Sachs Group Inc (GS.N) said on Tuesday it incurred a loss of about $850 million last month after marking down on its balance sheet to recovery levels LyondellBasell Finance Co bridge and bank loan facilities.

“In December 2008, there was continued deterioration in the credit of LyondellBasell Finance Co, to which the firm had provided bridge loan financing,” Goldman said in its 10-K annual financial report filed with the U.S. Securities and Exchange Commission.

Certain units of LyondellBasell Industries AF SCA [ACCEIN.UL] filed for bankruptcy protection on Jan. 6, the filing said.

Goldman detailed the write-down, which represents about 1.3 percent of its book value, as a material event that took place after the bank’s 2008 fiscal year ended in November.

Fox-Pitt, Kelton banking analyst David Trone said the write down was expected. (Reporting by Joseph A. Giannone)

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