Nova Chemicals Shares Slide on Reports of Liquidity Concerns

Nova Chemicals shares fell more than 25% at close of trade today after media reports raised concerns about the company’s ability to refinance bond payment terms, including a $250 million debt note due in April. Nova, in response to “market questions” says it has “$575 million in liquidity available as of December 31, 2008,” and “continues to have full access to credit facilities.” Nova’s made the statement after a report in the Canadian daily newspaper The Globe and Mail cited concerns that Nova may not succeed in...

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