BusinessBusiness RecoveryPwC may be called in to overhaul Ineos business plan

PwC may be called in to overhaul Ineos business plan

Chemicals giant may bring in restructuring experts from PricewaterhouseCoopers after talks to renegotiate its banking covenants

Ineos, the chemicals giant may call in experts from PricewaterhouseCoopers
after the company completes its a probe of its business plan.

The company is in the advance stages of talks with its bankers to waive
banking covenants on 5bn euros (£4.2bn) of loans until the second quarter of
2009, PwC may be appointed in an advisory capacity further down the line.

The firm may to take a look at its revised business model ‘towards the end of
the first quarter of 2009,’ a source close to Ineos said.

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