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.
Returning to the stage after 20 years makes actress feel 'nauseous'
Top conservatoire offers ‘groundbreaking’ arts degree
- 1 Scottish independence: Ireland since 1919 is a lesson for Scotland in what a Yes vote means
- 2 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 3 Grandmas keep accidentally tagging themselves as Grandmaster Flash on Facebook
- 5 Kanye West halts concert after two fans don't stand up - doesn't realise one is in wheelchair and the other disabled
Islamic State: Pope is 'being targeted by Isis', Iraqi ambassador to the Holy See warns
Jennifer Lawrence and Kate Upton nude pictures exhibition cancelled after artist concedes photos were 'stolen property'
Scottish independence referendum: A nation divided against itself
John Travolta addresses former pilot's gay romance allegations publicly for the first time: 'That was the lowest I'd ever felt'
Richard III: Two years after his body was found scientists discover how he died
iJobs Money & Business
£20000 - £25000 per annum + OTE £35,000 first year: SThree: The SThree group i...
£20 - 24k (Uncapped Commission - £35k Year 1 OTE): Guru Careers: We are seekin...
£20 - 24k + Benefits: Guru Careers: This is a great opportunity for an enthusi...
£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...