Due to its Chapter 11 filing, AMR Corporation, the parent company of American Airlines, Inc. and AMR Eagle Holding Corporation, reports that it has received written notification from the New York Stock Exchange (NYSE) advising AMR that its common stock, traded under the symbol AMR will be suspended from trading on the NYSE.
The suspension will begin prior to the opening of the market on Thursday, Jan. 5, 2012. NYSE advised AMR that it is taking these steps because the average closing price of AMR's common stock fell below the NYSE's continued listing minimum share price standard of $1 over a consecutive 30-trading-day period.
Due to the company's Chapter 11 filing, AMR said it is not able to affirm an intent to cure the aforementioned share price deficiency and, accordingly, does not oppose the suspension and delisting of its securities.
The company said it expects that price quotations for its common stock and publicly traded debt securities will be available under new symbols on the OTC Bulletin Board (OTCBB) and Pink Sheets Electronic Quotation Service as early as Jan. 5, 2012. The company will publicly announce the new symbols and their effective date as soon as practicable.
AMR said it cannot predict what the ultimate value of any of its securities may be, and it remains too early to determine whether holders of any such securities will receive any distribution in the Chapter 11 reorganization. "In particular, in most Chapter 11 cases, holders of equity securities receive little or no recovery of value from their investment," AMR said.
As a result, AMR urged its investors to exercise appropriate caution with respect to any existing or future investments in AMR's securities.