NYSE Euronext : NYSE to Suspend Trading in Dynegy Inc. Moves to Remove from the List
07/06/2012| 10:47am US/Eastern
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NYSE to Suspend Trading in Dynegy Inc. Moves to
Remove from the List
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NEW YORK, July 6, 2012 - The New York Stock Exchange ("NYSE")
announced today that the staff of NYSE Regulation, Inc. ("NYSE
Regulation") has determined to commence proceedings to delist
the common stock of Dynegy Inc. (the
"Company")--ticker symbol DYN--from the NYSE.
Trading in the Company's common stock will be suspended
immediately.
NYSE Regulation has determined that the Company is no longer
suitable for listing. This decision was reached in view
of the Company's July 6, 2012 announcement that it filed a
voluntary petition to reorganize under Chapter 11 of the U.S.
Bankruptcy Code in the United States Bankruptcy Court for the
Southern District of New York, Poughkeepsie Division.
NYSE Regulation noted the uncertainty as to the timing and
outcome of the bankruptcy process, as well as the ultimate
effect of this process on the Company's common
stockholders.
In addition, we noted that the Company had previously fallen
below the NYSE's continued listing minimum share price
standard, as the average closing price of its common stock is
less than $1.00 over a consecutive 30 trading day
period.
NYSE Regulation notes that it may make an appraisal of, and
determine on an individual basis, the suitability for
continued listing of an issue in light of all pertinent facts
and circumstances whenever it deems such action
appropriate. In addition, NYSE Regulation may, at any
time, suspend a security if it believes that continued
dealings in or listing of the security on the NYSE are not
advisable.
The Company has a right to a review of this determination by
a Committee of the Board of Directors of NYSE
Regulation. Application to the Securities and Exchange
Commission to delist the issue is pending the completion of
applicable procedures, including any appeal by the Company of
the NYSE Regulation staff's decision.
Company contact:
Katy Sullivan
Investor & Public Relations
Dynegy Inc.
713.767.5800
See Section 802.00 of the NYSE Listed Company Manual for
continued listing criteria and procedure for delisting
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