INEOS seeks more time from lenders group

London - INEOS wants its lenders to extend a waiver on the terms of its debt repayments. The move, said the company, would allow time for a group of lenders to consider its proposals for renegotiating credit terms on the basis of an immenent business review.

In January, INEOS announced that an informal group of lenders, called the Sounding Group, had been formed in order to consider the company’s five-year business plan and operating budget for 2009.

INEOS announcement accompanies financial results showing full year revenues of Euro15.2 billion and full year replacement cost earnings (EBITDA) of Euro1.1 billion. INEOS forecast that its net operating cashflow for the year would be sufficient to enable it to service expected debt agreements for the rest of the year - even if current trading conditions persist, and without any major restructurings or divestments.

Meanwhile, INEOS said it and the Sounding Group had agreed to the appointment of Deloitte LLP and Houlihan Lokey Howard & Zukin (Europe) Ltd as independent accounting adviser and financial adviser respectively to the Sounding Group.

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