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(Bloomberg) — A unit of chemicals giant INEOS announced it has received €500 million ($593 million) of additional funds in the form of new equity and credit lines, boosting its cash coffers ahead of an upcoming bond maturity.
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INEOS Quattro Holdings Ltd. obtained €200 million of extra capital from its shareholders, as well as €300 million additional funding tied to its inventory, according to a trading update published late on Friday.
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The chemicals conglomerate owned by Jim Ratcliffe and its peers have been grappling with a downturn in the sector, buffeted by elevated energy costs, weak demand and oversupply in the Chinese market. Still, the company has been flagging to creditors it’s seeing some early positive signs of recovery for 2026.
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“The group remains confident in its views of the recovery of the chemical cycle in the medium term and that its available liquidity is easily sufficient to cover the upcoming debt maturities in January 2027,” said INEOS in the statement.
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INEOS debt has been falling in recent months. The next upcoming debt deadline is a bond issued by INEOS Quattro and coming due next January, amounting to about €360 million.
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On Friday, INEOS also released its results for the fourth quarter of 2025. Earnings before interest, taxes, depreciation and amortization stood at €77 million, down about 50% from a year earlier, in part because of scheduled turnarounds at its facilities in Antwerp and Rafnes.
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The group has been focusing on cost control and on business restructuring initiatives to review its assets and potentially close plants where appropriate, according to the statement.
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While earnings for the Acetyls and Styrolution subdivisions were approximately unchanged year-on-year, the Inovyn segment struggled amid weak demand for European PVC, as well as increased competition from Asia. The Aromatics business swung to a negative Ebitda, due to destocking and seasonal low demand.
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Net debt stood at approximately €5.5 billion at the end of December, against a cash balance of €1.69 billion.
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