The New York Stock Exchange (NYSE) said on Monday that the staff of NYSE Regulation, Inc. has determined to commence proceedings to delist the common stock of Genco Shipping & Trading Limited – ticker symbol GNK – from the NYSE.
As a result, trading in the company’s common stock was suspended immediately.
“NYSE Regulation has determined that the Company is no longer suitable for listing. Pursuant to Listed Company Manual Section 802.01D, this decision was reached in view of the Company’s April 21, 2014 announcement that it and certain of its subsidiaries, other than Baltic Trading Limited – ticker symbol BALT – and its subsidiaries, have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York,” NYSE said in a release.
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 value of the Genco’s common stock. NYSE Regulation added that it may make an appraisal of, and determine on an individual basis, the suitability for continued listing of a listed security in light of all pertinent facts and circumstances whenever it deems appropriate.
In addition, NYSE Regulation may suspend trading in a security and commence delisting proceedings 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.
“The NYSE will apply to the Securities and Exchange Commission to delist the common stock upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision,” NYSE explained.
NYSE, April 22, 2014