Ineos faces opposition to debt restructuring

Ineos looks set for a struggle to achieve the 90% support from senior lenders needed on its proposed £6 billion debt restructuring plan, it was variously reported over the weekend. There is said to be opposition from some 25% of lenders ahead of the deciding vote on Friday.

The Sunday Times noted that Ineos’s aggressive terms have angered a number of funders, including banks and hedge funds. Ineos has proposed it will raise €1 billion through issuance of new bonds and loans, which will be used to refinance senior term loan debt and extend its maturity profile.