Markets & Stocks
NYSE reviews UAL listing
The stock exchange says it will continue to review its listing of the parent of United Airlines.
December 9, 2002: 10:40 AM EST

NEW YORK (CNN/Money) - Officials at the New York Stock Exchange said Monday they will continue to review the listing status of UAL, parent of United Airlines, and its related securities following the airline's bankruptcy filing earlier in the day.

The NYSE said it will "move to immediately suspend trading" in the airline's securities if the stock trades at a price it considers to be to be "abnormally low or if it receives information indicating that the stock is without value.

No. 2 U.S. air carrier United Airlines filed for bankruptcy protection Monday, a day after people familiar with the situation said the airline had obtained $1.5 billion in debtor financing, which would allow it to consider operating after a Chapter 11 filing. Last week a federal board rejected the carrier's request for a loan guarantee.

The NYSE said, according to its broader rules, it would suspend trading if UAL falls below a market capitalization of $50 million over a 30 trading day period and if stockholders' equity drops below $50 million. The company's total market cap also must be at least $15 million over a 30-day period. The listing standards also require a minimum share price of $1 over a 30 trading day period.

While UAL (UAL: down $0.10 to $0.83, Research, Estimates) shares slid Monday and held below $1, it currently meets all of the requirements for continued listing, according to the exchange. But, the NYSE contends that it can suspend trading at any time if it deems dealings in the security are "not advisable."  Top of page

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