A day after filing for bankruptcy reorganization, CBL & Associates Inc. said Tuesday that its common stock is being delisted from the New York Stock Exchange and the company will switch its stock listing to the Over the Counter (OTC) market.
The Chattanooga-based mall developer, which has suffered from the recent bankruptcy and closing of many of its retail tenants, has been on a watch list by the NYSE since February due to its declining share price. From a peak of $48.25 per share in 2007, shares of CBL have plunged to less than 9 cents per share this week.
CBL filed a Chapter 11 petition in U.S. Bankruptcy Court Sunday to restructure $1.5 billion of its debt. After is stock plunged another 40% Monday in response to the bankruptcy filing, CBL said it was notified by the New York Stock Exchange the its common stock was being delisted and to suspend trading of the Company's common stock (ticker symbol: CBL).
In a statement Tuesday night, the company said it anticipates that CBL's common stock, Depositary Shares representing interest in its Series D Preferred Stock and Depositary Shares representing interest in its Series E Preferred Stock, will begin trading on the OTC Markets, operated by the OTC Markets Group, Inc., under the symbols "CBLAQ," "CBLDQ" and "CBLEQ," respectively.
"The transition to the over-the-counter market will not affect the Company's business operations," the company said.
CBL continues to operate its 108 malls, including the Hamilton Place and Northgate malls in Chattanooga, under the protection of the U.S. Bankruptcy Court.