05 March 2009 17:39 [Source: ICIS news]
PRAGUE (ICIS news)--BorsodChem has asked creditors for a waiver to enable it to avoid breaching covenants on a €1.15bn ($1.46bn) loan, the Hungarian polyvinyl chloride (PVC) and isocyanates producer said on Thursday.
The company is jointly owned by private equity firms Permira and Vienna Capital Partners.
Permira led a €1.63bn buyout of the producer in 2006 by deploying €1.15bn of debt arranged by Lehman Brothers, Royal Bank of ?xml:namespace>
BorsodChem had announced in early February that it would have to cut up to one-fifth of its workforce because of declining orders caused by recession-hit markets.
It recently suspended the planned cuts after the Hungarian government agreed to explore ways of offering the company financial assistance to protect the jobs.
($1 = €0.79)
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