The fiberglass and composite-materials maker Owens Corning announced it faces possible delisting from the New York Stock Exchange because its shares have gone below the exchange“s requirements for av…
The fiberglass and composite-materials maker Owens Corning announced it faces possible delisting from the New York Stock Exchange because its shares have gone below the exchange“s requirements for average closing price, market capitalization and shareholders equity. The company said the uncertainty surrounding the scheduling and outcome of its Chapter 11 bankruptcy proceedings will prevent the company from putting forward a plan that will resolve the listing problems within the time limit set by the NYSE. Owens Corning and 17 affiliates filed for Chapter 11 bankruptcy-court protection in October 2000 to address increasing demands on its cash flow as a result of multi-billion dollar asbestos liabilities.