Ineos Group Holdings, Georgia Gulf Corp. and Chemtura Corp. are crashing on a mountain of takeover debt and may follow Lyondell Chemical Co. into bankruptcy, trading in their bonds shows. The combination of $11.7 billion in debt, frozen credit markets and the global recession are forcing the companies to negotiate with creditors to loosen terms of their loans. A glut in supplies that drove prices of polypropylene down by half since October will make it even harder for plastics makers to meet debt payments, just as manufacturers in the Middle East add millions of tons of new supplies. Debt and derivatives of the companies are trading as if they are on the brink of bankruptcy. Bonds issued by closely held Ineos lost 90 cents on the euro, and credit derivatives priced in almost certain odds the company will default. Georgia Gulf bonds trade as low as 16 cents on the dollar. Read more.