LyondellBasell, the stricken chemicals group, was last night poised to appoint a $730-an-hour restructuring expert as it tried to stave off bankruptcy.

The company was due to repay $281 million (£193 million) in fees and interest on loans yesterday.

Kevin McShea, the managing director of AlixPartners in New York, will become chief restructuring officer at LyondellBasell, part of the business empire of Len Blavatnik, the Russian-born oligarch, once the appointment is cleared by a US court.

Mr McShea, a veteran of US corporate turnarounds, and AP Services, a subsidiary of Alix, will parachute a team of temporary staff into LyondellBasell and its subsidiaries as they try to restructure the group, which is labouring under a total debt mountain of $26 billion. If successful, they will be eligible for a fee of up to $7 million.

The move came as the Houston-based LyondellBasell, which was created as part of a debt-driven acquisitions drive by Mr Blavatnik, was trying to resolve its debt problems yesterday.

LyondellBasell's bankers, including Merrill Lynch, Goldman Sachs and Citigroup, have already extended the deadline for payment of the $281 million twice. Missing the payment would put LyondellBasell in technical default and could force it to seek Chapter 11 bankruptcy protection from its creditors.

There were indications, however, as the day drew on that the company may yet be given a 24-hour reprieve.

The troubles at LyondellBasell, one of the world's biggest producers of raw plastics, mark a setback for Mr Blavatnik, whose private company, Access Industries, owns a 97 per cent stake. His problems come after his fellow oligarch and business partner, Oleg Deripaska, had to be rescued by a $4.5 billion loan from the Russian Government in October. Access has a 5.8 per cent stake in Rusal, the Russian aluminium producer, a holding in TNK-BP, the Anglo-Russian oil joint venture, and a share in Warner Music Group.

UBS and ABN Amro are also included in the lending syndicate, which allowed a payment deadline of December 29 to lapse. A day later, Access Industries turned down a last-minute request for capital by LyondellBasell under a revolving credit facility put in place in March. It is not clear why. LyondellBasell, which has been hit by the sharp drop in demand for chemicals since October, said that it disagreed with the reason given by Access for its refusal. The group also rejected a claim by Standard & Poor's, the credit agency, that it was in default of its debt.

An Access Industries spokesman said last night: “Access is working with LyondellBasell through the process and is supportive of the company. We are committed to helping LyondellBasell for the long-term success of the business.”

A spokeswoman for LyondellBasell did not immediately return calls seeking comment.

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