Ineos set to secure debt waiver
Sunday 24 May 2009
Ineos, the chemicals giant that is the UK's biggest private company, has all but secured a waiver on its debt terms to 17 July.
The company's current waiver ends at the end of the month, but Ineos asked for an extension so that its lenders and their advisers, Houlihan Lokey and Deloitte, could properly assess a new five-year business plan. Ineos is struggling under a debt burden of €7.5bn (£6.6bn).
As of Friday night, 60 per cent of votes had been cast among shareholders and they had unanimously backed the waiver. Ineos needs two-thirds support from its 200-plus banks which executive chairman Jim Ratcliffe expects to secure by the middle of the week.
An Ineos spokesman said: "I can confirm that the covenant waiver request is proceeding well. Of those that have so far voted, all have been in favour of the extension and Ineos is therefore very confident of securing agreement."
Ineos is being advised by investment bank Lazard. Big four accountant KPMG drew up the new business plan.
- 1 Revolutionary lost Caravaggio painting 'Mary Magdalen in Ecstasy' identified
- 2 McKamey Manor: This 'extreme' haunted house is the stuff of nightmares
- 3 Russell Brand says he will 'probably' give up acting to focus on his revolution
- 4 Watch what happened when food critics were unknowingly served McDonald's
- 5 David Beckham's Haig Club whisky is exactly what’s wrong with the Highlands
Putin accuses US of causing global instability
Eleven members of same family hospitalised after eating deadly pufferfish
FCKH8: YouTube reinstates provocative anti-sexism video showing young girls swearing
Phone-hacking: The Piers Morgan connection - Mirror admits some stories during Morgan's tenure may have been obtained by illegal means
Russell Brand says he will 'probably' give up acting to focus on his revolution
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Tony Blair 'says Ed Miliband will lose 2015 general election'
Putin: The US is to blame for almost all the world's major conflicts
iJobs Money & Business
£60000 per annum: Ashdown Group: Compensation and Benefits Manager - Compensat...
£30000 - £35000 Per Annum plus excellent benefits: Clearwater People Solutions...
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...