I have been a CEO for the last six years and will echo these sentiments about what banks care about. I’ve not been involved with anything like this level of finance but at various times I have been on the hook for over 20m to a single bank. That became particularly challenging during the pandemic, and what became clear in that time was that there were a plethora of factors that went into their thinking, one of which was the political cache of investing in a project like ours. That bought us a lot more leverage when it came time to negotiating deferrals.
At the end of the day though, it all ultimately came down to the financial viability of our project, and once our risk profile was changed it was a rapid and slippery slope towards the termination of our agreements. For a group like Ineos, this will never be a problem.