- Rentech (NYSEMKT:RTK -44.4%) plunges on news it will idle its Wawa facility due to equipment and operational issues that would require additional unbudgeted capital investment.
- RTK says it is also exploring strategic alternatives for the company as a whole, including a potential sale of the company, a business combination, a sale of all or part of its assets or a recapitalization.
- RTK also is cutting production at its Atikokan facility to levels needed to fulfill delivery requirements under the Ontario Power Generation offtake contract.
- RTK expects to incur a significant asset impairment charge relating to the Wawa and Atikokan facilities in its Q4 results.