Waiver of debt covenants sought as demand crashes / Debt four times EBUA/ 'Battening down the hatches'

摘要

Due to "extremely limited short-term visibility," Ineos (Lynd-hurst / UK; www.ineos.com) has asked its banking syndicate for a waiver of short-term debt covenants related to EUR 7 bn in syndicated loans for the 2005 acquisition of Innovene. In return for approval of the waiver by the end of May 2009, it is offering a fee of 50 basis points and an increase in interest payments by 100-125 basis points.