New York Stock Exchange to delist Walter Energy
US metallurgical miner Walter Energy’s common shares will be delisted from the New York Stock Exchange (NYSE), after trading in its shares was suspended on Wednesday July 8.
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Walter Energy said the delisting was due to the “abnormally low” price of its common shares at the opening trading on July 8.
Walter Energy’s share price value has fallen by 97% to just $0.16 on July 7, compared with $5.54 a year earlier.
“NYSE Regulation has informed [Walter Energy] that the NYSE will apply to the US Securities & Exchange Commission to delist [Walter Energy’s] common stock upon completion of all applicable procedures,” the company said.
The suspension of share trading and delisting do not affect the company’s business operations or violate any credit agreements or other debt obligations, Walter Energy added.
Steel First’s fob Australia premium hard coking coal index stood at $88.24 per tonne on July 8, down 22% from the start of this year, following a 15% drop in 2014.
Walter Energy missed an April 15 deadline for a $62.4-million interest payment, leading the miner to consider filing for bankruptcy. However, just one day later, it said it would make the outstanding payment before a 30-day grace period expired.
After the grace period Walter Energy extended the deadline for its interest payment by another month. However, it is not clear if the miner made the payment.