The New York Stock Exchange said on Friday it suspended trading in the common stock of Friede Goldman Halter, the troubled maker of offshore equipment for the energy industry, in view of the company's filing for bankruptcy protection.
The NYSE said the suspension of trading in the Gulfport, Miss.-based company would go into effect immediately, and that an application with the Securities and Exchange Commission to de-list the stock is pending an appeal by the company.
The company, which filed for Chapter 11 bankruptcy protection on April 19, has recently failed to meet the NYSE's continued listing criteria relating to inability to meet current debt obligations and adequately finance operations.
The NYSE said the company's stock was selling at an abnormally low price. Shares of FGH last traded at $.20, a penny above their 52-week low.