NOVA Chemicals Announces Deferral of Covenant Conditions
29 Mai 2009 - 10:00PM
Business Wire
NOVA Chemicals Corporation (NYSE: NCX) (TSX: NCX) today
announced that the requirement to raise additional financing by
June 1 to satisfy the conditions of covenant relief has been
deferred. The Company has already satisfied $50 million of the
requirement to raise $100 million on or before June 1, 2009, and
expects the balance of the requirement will be satisfied following
the close of the IPIC transaction.
The IPIC transaction continues to receive expected regulatory
approvals including: competition authority clearance from Canada,
the U.S. and the European Commission and other regulatory
approvals. Pending remaining regulatory approvals, the transaction
is expected to close around the end of the second quarter.
NOVA Chemicals produces plastics and chemicals that are
essential to everyday life. Our employees develop and manufacture
materials for customers worldwide that produce consumer, industrial
and packaging products. NOVA Chemicals works with a commitment to
Responsible Care� to ensure effective health, safety, security and
environmental stewardship. Company shares are traded on the Toronto
and New York stock exchanges as NCX.
Visit NOVA Chemicals on the Internet at
www.novachemicals.com.
Responsible Care� is a registered trademark of the Canadian
Chemical Producers Association (CCPA) in Canada and is a registered
service mark of the American Chemistry Council (ACC) in the United
States.
Forward-Looking Information: This news release contains
forward-looking information within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and applicable
Canadian securities laws relating, but not limited to, the timing
for closing the transaction with IPIC and the satisfaction of the
requirement to raise $100 million on or before June 1, 2009.
Forward-looking information can often be identified by
forward-looking or similar words suggesting future outcomes, or
other expectations, beliefs, plans, objectives, assumptions,
intentions or statements about future events or performance. Any
statements contained herein that are not statements of historical
facts may be deemed to be forward-looking information.
You are cautioned not to place undue reliance on forward-looking
information. By its nature, forward-looking information involves
numerous assumptions, known and unknown risks and uncertainties, of
both a general and specific nature, that could cause actual results
to differ materially from those suggested by the forward-looking
information or contribute to the possibility that predictions,
forecasts or projections will prove to be materially
inaccurate.
These risks include that the completion of the proposed
transaction with IPIC is subject to a number of terms and
conditions, including, without limitation necessary court and
regulatory approvals and certain termination rights available to
the parties under the arrangement agreement. These approvals may
not be obtained, the other conditions to the transaction may not be
satisfied in accordance with their terms, and/or the parties to the
arrangement agreement may exercise their termination rights, in
which case the proposed transaction could be modified, restructured
or terminated, as applicable. You are cautioned that the list of
risks and assumptions set forth or referred to above is not
exhaustive. Some of the risks, uncertainties and other factors
which negatively affect the reliability of forward-looking
information are discussed in NOVA Chemicals' public filings with
the Canadian and United States securities regulatory authorities,
including its most recent annual information form, annual report,
management's discussion and analysis, quarterly reports, and news
releases. NOVA Chemicals' public filings are available through NOVA
Chemicals' website at www.novachemicals.com. Copies of NOVA
Chemicals' Canadian public filings are available on SEDAR at
www.sedar.com. NOVA
Chemicals' public filings in the United States, including NOVA
Chemicals' most recent annual report on Form 40-F, as supplemented
by its filings on Form 6-K, are available at www.sec.gov. You are further cautioned
that information contained on, or accessible through, these
websites is current only as of the date of such information and may
be superseded by subsequent events or filings. The forward-looking
information in this news release is expressly qualified in its
entirety by this cautionary statement. In addition, the
forward-looking information is made only as of the date of this
news release, and except as required by applicable law, NOVA
Chemicals does not undertake any obligation to update publicly this
forward-looking information to reflect new information, subsequent
events or otherwise.
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