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.

Paragraph entered by Atlantic migration, in order for SteelFirst articles to display correctly on Metal Bulletin.

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.

What to read next
Following a six-week consultation period, Fastmarkets can confirm it will amend the calculation method for all the average functions on the Fastmarkets platform from Wednesday March 1, 2023.
Consolidation, the recycling of electric vehicle batteries, US steel exports and the benefits of sustainable steelmaking were key talking points at Fastmarkets’ Scrap & Steel 2023 conference in Dallas in January
Green shoots of increased demand will emerge in US ferrous markets courtesy of the Biden administration’s trillion-dollar infrastructure package in 2023, Schnitzer’s executive vice president and chief strategy officer Richard Peach said at Fastmarkets’ Steel and Scrap Conference 2023 in Dallas, Texas
US special bar quality steel prices rose in January in line with rising scrap and alloy costs, according to market participants
European metal industry association Eurometaux has called on the European Commission to follow the lead shown by the Inflation Reduction Act and deliver a “powerful” policy to support the industry in the EU while it tries to keep up with the move to a new generation of energy markets
The fallout from Russia’s invasion of Ukraine is changing global trade flows for bauxite, with Brazilian material once again flowing into China and with the introduction of export restrictions elsewhere likely to influence availability through 2023
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.