Ineos, the UK’s largest private company and one of the world’s biggest chemicals companies, is set to announce on Thursday that it has secured vital agreement from creditors to reset the terms of its €7.3bn ($10.3bn) debt load.

Ineos, advised by Lazard, has been in long-running talks with hundreds of creditors about securing additional breathing space under the terms of its debt, after an unprecedented fall in demand and limited market visibility last year.