Chemtrade (CHE-U) sold off nearly 20% after announcing its rezoning application was rejected, putting a significant amount of chlor-alkali production beyond 2030 at risk…

… which would materially impact EBITDA, with management citing a ~$17M earnings hit from previous three week turnarounds at the facility. While a full shutdown would hurt less than that implies ($295M)…

… given associated overhead wouldn’t be there, the market now has to price the probability of a resolution and the impairment in a no-go scenario - which should be the main focus on CHE’s next earnings call.