ICI Exits Ineos Chlor
In July 2003, ICI and Ineos announced a financing package to support the modernisation, comprising £45m from Ineos, £60m from ICI, and Regional Selective Assistance from the UK government. This was in addition to the original £100m loan facility that ICI had previously agreed to provide as part of the divestment of 85% of the business in 2001. To date ICI has made available to Ineos Chlor £105m of its total funding commitment of £160m.
Ineos has now agreed to take over ICI's outstanding funding commitment to Ineos Chlor of £55m. ICI has written off all existing indebtedness from Ineos Chlor, and has taken an exceptional charge of £5m before tax in its third quarter results.
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