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Banks Approve Ineos Debt Covenant Waiver

10:00 AM MST | December 15, 2008 | Chemical Week Editorial Staff

Ineos says that the holders of its €5-billion ($6.3 billion) senior debt have voted to approve the group’s recent request to waive debt covenants for six months (CW, Nov. 24, p. 14). Barclays, as agent for the lenders, has confirmed that more than 90% of the 230-bank syndicate voted, and that all of these banks voted in favor, Ineos says. Ineos is drawing up a new five-year business plan, which it will present to stakeholders after the end of first-quarter 2009. Ineos pledged to develop the plan as a condition of the banks’ approval of the debt...

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