NYSE Regulation has determined that the Company is no longer suitable for listing. This decision was reached in view of the Company’s July 6, 2012 announcement that it filed a voluntary petition to reorganize under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York, Poughkeepsie Division. 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 NYSE’s 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.
NYSE Regulation notes that it may make an appraisal of, and determine on an individual basis, the suitability for continued listing of an issue in light of all pertinent facts and circumstances whenever it deems such action appropriate. In addition, NYSE Regulation may, at any time, suspend a security if it believes that continued dealings in or listing of the security on the NYSE are not advisable.
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.
Investor & Public Relations
See Section 802.00 of the NYSE Listed Company Manual for continued listing criteria and procedure for delisting