February 21, 2017 / 11:45 AM / 7 months ago

BRIEF-Rentech idles Wawa facility, exploring strategic alternatives

Feb 21 (Reuters) - Rentech Inc:

* Rentech idles Wawa facility; exploring strategic alternatives

* Rentech Inc- exploring strategic alternatives for Wawa facility and company as a whole

* Exploring strategic alternatives for Wawa facility and company as a whole

* Rentech Inc - pellet sales at NEWP continue to be sluggish

* Rentech Inc - customer plans to exercise purchase option for two of Fulghum’s U.S. mills

* Rentech Inc - Atikokan facility production being reduced to levels required to fulfill OPG off-take contract

* Rentech - Wawa operations team will immediately begin a safe and orderly idling of facility, which company expects to complete in approximately two weeks

* Rentech Inc- Rentech expects to incur a significant asset impairment charge relating to Wawa and Atikokan facilities in its Q4 2016 results

* Rentech -decision results from continued uncertainty around profitability on pellets produced at facility, making additional investment in facility uneconomic

* Rentech Inc- expect Atikokan facility to generate cash flow in range of break-even to slightly positive in 2017 under the revised operating plan

* When facility is idled, a small workforce will remain in place; remainder of workforce will be placed on a temporary layoff Source text for Eikon: Further company coverage:

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below