Hollywood, Fla.-based Technical Olympic USA (TOUSA) was informed late Friday by the New York Stock Exchange (NYSE) that its common stock and debt securities would be suspended effective Monday, November 19, because the home builder's shares fell below the $1 average closing price over a consecutive 30-trading day period. The company announced that it is currently making arrangements for its common stock and debt securities to be traded in alternate markets. The builder also says it plans to appeal the NYSE's decision.
The delisting comes less than a week after the beleaguered builder announced that it was considering bankruptcy. In a company statement released Friday, TOUSA reiterated that it is continuing to explore Chapter 11 protection as an option.
"The Company is considering all available in and out of court restructuring and reorganization alternatives, including a possible Chapter 11 filing. Such alternatives include, among other things, restructuring its capital structure through the exchange of some or all of its outstanding indebtedness for equity in the Company."
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