Tue, Jan 03, 2012
Company 'No Longer Sustainable' For Listing
NYSE Regulation announced at the end of last week that it
determined that the common stock of AMR Corporation (the
“Company”) – ticker symbol AMR – and the
related listed securities below, should be suspended prior to the
opening on Thursday, January 5, 2012.
NYSE Regulation has determined that the Company is no longer
suitable for listing. This action results from the fact that
the Company has now 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 Business
Courier of Cincinnati reported that the stock closed the year at 52
cents. The Company has advised that it would not be possible to
affirm its intent to cure this deficiency within the NYSE’s
prescribed timeframes.
In addition, NYSE Regulation noted in a news release that the
Company’s November 29, 2011 announcement that it and certain
of its U.S.-based subsidiaries (including American and American
Eagle) had filed voluntary petitions under Chapter 11 of the U.S.
Bankruptcy Code with 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.
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 issues 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.
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