Following its submitting for Chapter 11 chapter safety, offshore drilling contractor Diamond Offshore Drilling has acquired a delisting discover from the New York Stock Exchange (NYSE).
According to its assertion on Monday, Diamond acquired notification from the workers of NYSE Regulation that it has decided to start out proceedings to delist the corporate’s shares of frequent inventory.
NYSE Regulation decided that the corporate was now not appropriate for itemizing after the corporate’s disclosure that it and choose subsidiaries have filed voluntary petitions for reorganization below Chapter 11 of the U.S. Bankruptcy Code within the U.S. Bankruptcy Court for the Southern District of Texas.
Diamond mentioned it doesn’t presently anticipate exercising its proper to enchantment NYSE Regulation’s delisting dedication.
The firm added that it expects that its frequent inventory can be quoted on the OTC Pink markets.
NYSE itemizing for a number of different offshore drilling contractors is in danger as a result of troublesome market scenario.
Namely, Noble Corporation, Seadrill, Pacific Drilling, and Valaris have all just lately acquired notices from the NYSE stating that they don’t at present fulfill the minimal share value commonplace for continued itemizing of their frequent shares.
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