Richmond-based Chesapeake Corp. said yesterday it is developing a plan to prevent its stock from being delisted from the New York Stock Exchange.

The specialty packaging company said it was notified this week that it was not in compliance with the stock exchange's continued listing standards because during a 30 trading-day period, its total market capitalization -- the number of shares multiplied by the market price per share -- was less than $75 million, and its most recently reported stockholders' equity was less than $75 million.

Chesapeake, which has been struggling with poor business results, said it had 45 days to present a plan to regain compliance, but the company disclosed no details on how it would do so.

"We have just begun the process of putting together a plan to address those listing criteria," spokesman Joe Vagi said. "It will be a well thought-out plan and presented to the New York Stock Exchange within that 45-day period."

Chesapeake has a corporate staff in Richmond, but most of its operations are in Europe. This week, the company reported a second-quarter loss of $261 million and announced plans to refinance its debt. Its stock, down nearly 88 percent in the past year, fell 24 cents to $1.36 yesterday. Its 52-week low was 65 cents, recorded Friday.

-- John Reid Blackwell