AMR to be Delisted

1 Jan

AMR Corporation (NYSE: AMR), the parent company of American Airlines, has announced its common stock will be delisted from the New York Stock Exchange (NYSE).

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AMR, which filed for bankruptcy recently after posting nearly $11 billion in losses since 2001, said that its shares will stop trading on NYSE before the opening bell on January 5, 2011. The move to delist AMR shares came after average closing price of AMR shares fell below $1 for thirty straight trading days.

AMR also said that its debentures due 2016 traded under the symbol AMR 16 and its 7.875% PINES (Public Income Notes) due 2039 traded under the symbol AAR will be suspended from trading on the NYSE and the exchange will apply to the SEC to start the delisting procedures for the securities.

AMR said that due to the Chapter 11 filing, it is not able to affirm an intent to cure the share price deficiency and accordingly does not oppose the suspension and delisting of its securities.

AMR expects the price quotations for its common stock and publicly traded debt securities will be available under new symbols on the OCT Bulletin Board and Pink Sheets Electronic Quotation Service as early as January 5, 2012. The company said that it will announce the new symbols and their effective date as soon as possible.

AMR also said that it cannot predict what the final value of any of its securities may be and it remains too early to identify whether holders of any such securities will receive any distribution in the Chapter 11 reorganization.

AMR shares fell 32.16% to $0.350 on above average volume of 81.74 million on Friday. AMR shares fell nearly 96% in 2011.

Read more:http://www.beaconequity.com/smw/17982/AMR-to-be-Delisted-#ixzz1iE96CtHP

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