Nova Chemicals shares fell more than 25% on January 20 amid analysts' concerns about the company's ability to refinance bond payments, including a $250-million note due in April. Nova responded by reiterating statements made earlier this month that it has $575 million in liquidity available as of Dec 31, 2008, and that it continues to have full access to credit facilities. The company says the planned cost reductions will save about $100 million this year. The decrease in earnings has been offset somewhat by strong polyethylene sales, however, the company says.
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