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NYSE suspends and seeks to delist CHS Electronics
WEDNESDAY, APRIL 05, 2000 10:46 AM
- Reuters
NEW YORK, April 5 (Reuters) - The New York Stock Exchange (NYSE) said Wednesday it immediately suspended trading in the common stock of electronics distributor CHS Electronics Inc. (NYSE:HS) and will seek to delist the company in response to CHS's announcement Tuesday that it filed for bankruptcy protection.
The NYSE added that CHS has fallen below its listing criteria due to an unsatisfactory financial conditions, an inability to meet current debt obligations and an abnormally low selling price, among other things.
On Tuesday, CHS said it filed for bankruptcy protection and announced plans to reorganize as a corporate incubator for Internet firms.
The company said creditors representing about $275 million in claims have agreed to support the plan, which the court overseeing the Chapter 11 filing must still approve.