Less than a week after filing Chapter 11 bankruptcy in Houston, Tulsa-based Unit Corporation has been told it will no longer be traded on the New York Stock Exchange.
Trading of shares in the company was suspended this week as the Exchange started the process of delisting the company’s common stock.
The NYSE determined that the Company was no longer suitable for listing under Section 802.01D of the NYSE Listed Company Manual after the Company’s May 22, 2020 disclosure that it and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.
“The Company does not presently anticipate exercising its right to appeal the NYSE’s delisting determination,” according to the announcement by Unit.
The Company’s common stock began to be quoted on the OTC Pink marketplace this week under the symbol “UNTCQ”.
In its Chapter 11 bankruptcy filing, Unit stated that as of Dec. 31, 2019 it had debts totaling more than $1 billion while assets were more than $2 billion. It listed hundreds of creditors.
Source: BusinessWire