Ineos Buys More Time From Its Creditors

Ineos’s creditors were expected at CW’s presstime last week to approve the company’s request for an extension to its debt covenant waiver. Ineos made the request last month for the covenant waiver to be extended until July 17 (CW, May 11, p. 5). Ineos says it requested the waiver extension because a “sounding group” representing the company’s creditors needs more time to examine Ineos’s 2009 operating budget and its five-year business plan, both of which were submitted to creditors in May. Approval from at least...

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