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- Alberta refuses to rescue Nova Chemicals Corp.
Alberta refuses to rescue Nova Chemicals Corp.
Thursday, Feb 12, 2020
Alberta Premier’s categorical refusal to rescue Nova Chemicals Corp. has not come as a surprise to many. Nova’s business is viewed as faltering from bad choice of decisions by the company, including moving its headquarters from Calgary, Alberta, to the United States a decade ago. Saddled with shortly due heavy debt load and substantial cash needs, analysts are interrogating Nova’s ability to avoid bankruptcy protection under the current ethylene down-cycle with weak pricing projected for the next couple of years. Nova has been the sole petrochem maker who did not clear debt during the past few years of above-normal industry profitability. Nova’s Alberta assets alone would cost over US$5-billion to replace. When Nova Chemicals was launched in 1998, its assets were worth $3.9 billion, revenue totaled to $3.4 billion, and its stock was worth $31.75.
Source: Plastemart
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