INEOS to have revised business plan in Q2 ’09

24 November 2008 11:59  [Source: ICIS news]

INEOSLONDON (ICIS news)--INEOS will produce a revised business plan by the start of the second quarter next year and could use PricewaterhouseCoopers (PwC) as advisers at a later date, a spokesman at the UK-based petrochemical major said on Monday.

INEOS had not asked the global consultancy to help draw up its revised plan and there had been no request from its banks to do so, the chemicals group said.

Weekend press reports had suggested that INEOS founder Jim Ratcliffe, one of the richest men in the UK, was recruiting the accounting firm to help INEOS navigate what could be an extended downturn.

INEOS had said that it could approach PwC to review its revised business plan in April, the INEOS spokesman added, but INEOS’s banks had not requested that PwC be hired to advise on the plan itself.

INEOS last week said it had approached its banks requesting waivers on covenants on loans of about €5bn ($6.3bn) until the start of the second quarter of 2009. It said it would present the revised business plan to them in April.

INEOS would probably work with industry consultants CMAI to develop its forward-looking market analysis and the later review, the spokesman said.

The $41bn refining and chemicals group is in the midst of a 15-day period in which it wants to convince 230 syndicate banks to accept its covenant waiver proposals.

For more on INEOS visit ICIS company intelligence
To discuss issues facing the chemical industry go to ICIS connect

By: Nigel Davis
+44 20 8652 3214

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