The New York Stock Exchange (NYSE) has suspended trading in Alpha Natural Resources’ common stock and has initiated proceedings to delist the mine from the exchange.
According to the company, the NYSE’s decision was based on “abnormally low” price indications of the company’s common stock, which will now begin to trade on over-the-counter markets.
The NYSE announcement comes after a story in the Wall Street Journal indicated the Alpha had been trying to secure a loan to help it restructure should it file for bankruptcy protection – a move that could happen as early as next month.
Should the company enter bankruptcy, it would be the largest victim of the slump in the US coal industry.
Written by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/coal/17072015/trading-in-alpha-natural-resources-shares-suspended-coal-news-2574/