American Airlines parent company to be delisted from NYSE

Dec 30, 2011, 13:45 GMT

Forth Worth/New York - The parent company of American Airlines has said its shares will be removed from the New York Stock Exchange after it filed for bankruptcy in November.

The NYSE told Texas-based AMR Corporation on Thursday that it would be delisted prior to next Thursday's opening because the average closing price of its stock had fallen below 1 dollar over 30 consecutive trading days.

AMR share price slipped to below 34 cents in pre-market trading on Friday. The company said in a statement on its website that it would not oppose the delisting given that it was unable to prevent the fall in its share price.

It said it expected its common stock and publicly traded debt securities to trade on the over-the-counter bulletin and pink-sheet electronic quotations starting next Thursday under new symbols.

The third largest US carrier has promised to continue operating while in bankruptcy. It filed for bankruptcy protection on November 29 to reduce costs and debt and emerge in a more competitive position.