Dec. 29 (Bloomberg) -- AMR Corp.’s shares will be removed from the New York Stock Exchange, a month after it filed for bankruptcy, according to NYSE Euronext.
The stock has retreated 68 percent to 52 cents since Fort Worth, Texas-based AMR filed for Chapter 11 in November, with an average of 73.7 million shares changing hands each day. NYSE Euronext said last month that it would suspend AMR should it receive evidence the share price will be “abnormally low” or that the securities are “without value.”
AMR will be removed from the world’s largest equity venue by value of companies listed before trading begins on Jan. 5, according to a statement today from the bourse. It will leave 37 days after the company’s bankruptcy.
The company’s shares, which have tumbled 93 percent in 2011, can be traded over the counter once it gets a new symbol from regulators, R. Cromwell Coulson, chief executive officer of OTC Markets Group Inc., said in an e-mail. He said he expects the shares to be quoted and traded through his New York-based company’s systems on Jan. 5.
Delta Air Lines Inc. and Northwest Airlines Corp. both filed for bankruptcy on Sept. 14, 2005. Nasdaq Stock Market delisted Northwest 12 days later, and NYSE removed Delta in 29 days, according to data compiled by Bloomberg. UAL Corp., the parent of United Airlines, filed for Chapter 11 on Dec. 9, 2002, and was delisted by NYSE in 115 days, the data show.
US Airways Group Inc. went into bankruptcy on Aug. 11, 2002, and Sept. 12, 2004. NYSE delisted it the first time after three days, and Nasdaq took action after 10 days the second time, Bloomberg data show.
To contact the reporter on this story: Nina Mehta in New York at email@example.com
To contact the editor responsible for this story: Nick Baker at firstname.lastname@example.org