Ineos said to be in talks to sell parts of business to tackle rising debt

Ineos, the chemicals company owned by Jim Ratcliffe, is reportedly in talks to sell parts of its business, specifically assets from Ineos Inovyn, to address rising debt. The company faces a challenging economic environment due to a downturn in the global chemicals industry, rising carbon costs, and competition from Middle Eastern and Asian manufacturers. Ineos Group Holdings and Ineos Quattro Holdings had over £18 billion in borrowings at the end of last year, prompting cost-cutting measures and refinancing efforts. Shareholders have injected new equity and secured additional financing, but credit rating agencies have downgraded Ineos' credit rating, citing concerns about earnings and debt levels. The company faces pressure to reduce its debt pile to avoid further downgrades and potential difficulties in borrowing.

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