Troubled packaging firm Chesapeake Corp. has had its stock listing (CSK) delisted  by the New York Stock Exchange and will start trading over-the-counter.

It is the latest blow to the Richmond-based firm that makes paperboard packaging materials for drug firms and plastic packaging for drink producers and specialty chemicals.

Chesapeake, which does most of its business in Europe, has recorded losses for three years and had a loss of $269 million in the first six months of this year.

While bleeding red ink, Chesapeake got hit with the credit crunch caused by the financial crisis. Its stock had been trading at about $9/share a year ago, but slipped to 60 cents a share yesterday when it was delisted by the Big Board.

Edelman Group, a German carton maker, has been picking up shares of Chesapeake stock. Is a buyout in the cards?