NYSE Regulation has determined that the Company is no longer suitable for listing. This decision was reached in view of the Company’s January 19, 2012 announcement that it and its U.S. subsidiaries have filed voluntary petitions for Chapter 11 business reorganization in the U.S Bankruptcy Court for the Southern District of New York. NYSE Regulation noted the uncertainty as to the timing and outcome of the bankruptcy process, as well as the ultimate effect of this process on the Company’s common stockholders.
In addition, we noted that the Company had previously fallen below the New York Stock Exchange (“NYSE”) continued listing minimum share price standard, as the average closing price of its common stock is less than $1.00 over a consecutive 30 trading day period.
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 Securities and Exchange Commission to delist the issue is pending the completion of applicable procedures, including any appeal by the Company of the 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.
See Section 802.00 of the NYSE Listed Company Manual for continued listing criteria and procedure for delisting