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.
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