News Releases

The decision to suspend the Company’s common stock was reached in view of the Company’s November 15, 2009 announcement that it and its domestic operating subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S Bankruptcy Court for the District of Delaware in Wilmington .  The Company disclosed that it anticipates this restructuring will be accomplished through a court-supervised sale of its operations.   

NYSE Regulation also noted the fact that the Company had fallen below the New York Stock Exchange’s (“NYSE”) continued listing standard regarding average closing price of less than $1.00 over a consecutive 30 trading day period, with a closing price and resultant market capitalization of $0.20 and $15.6 million, respectively, on November 13, 2009.

The Company has a right to a review of this determination by a Committee of the Board of Directors of NYSE Regulation. Application to the U.S. Securities and Exchange Commission to delist the issue is pending the completion of applicable procedures, including any appeal by the Company of NYSE Regulation staff’s decision. The NYSE noted that it may, at any time, suspend a security if it believes that continued dealings in the security on the NYSE are not advisable.

Company contact:
Laurie Van Raemdonck (248) 614-8200