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Focus INEOS early sign of credit problems in chems
By Mark Watts
LONDON (ICIS news)--Chemicals producers in Europe are at high risk of breaching bank covenants in the new year as tight credit and falling demand takes its toll on finances, an industry analyst said on Friday.
UK-based chemicals giant INEOS this week announced it was asking creditors for waivers on covenants covering a reported €5bn ($6.3bn) loan, but PricewaterhouseCoopers’ (PwC) UK chemicals leader warned that this was a sign of things to come in the industry.
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