As previously announced, the NYSE did not open trading on Monday, August 12, 2002 as it was evaluating the Company's continued listing status. The NYSE has now determined to suspend trading because of the fact that on August 11, 2002 the Company announced that it and certain of its subsidiaries had filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code. Additionally, the Exchange noted that in its announcement the Company stated that, "(t)he Company presently contemplates that one of the elements of any plan of reorganization may be the cancellation of the Company's existing equity securities without the prospects of any distribution to existing holders. There is no assurance as to what values, if any, will be ascribed in the Chapter 11 cases as to the value of the Company's existing common stock and/or other equity securities. Accordingly, the Company urges that the appropriate caution be exercised with respect to existing and future investments in any of these securities as the value and prospects are highly speculative."
The Exchange 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 whenever it deems such action appropriate, and that the Exchange may, at any time, suspend a security if it believes that continued dealings in the security on the NYSE are not advisable. In light of all the circumstances presented by the Company and its bankruptcy, the Exchange has determined that the Company's securities are no longer suitable for trading on the NYSE.
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.
