TBS International class A shares to be delisted from Nasdaq on Feb. 16

By Caroline Salls

Pittsburgh, Feb. 10 - TBS International plc has received formal notification from The Nasdaq Stock Market Listing Qualifications Staff that its class A ordinary shares will be delisted from The Nasdaq Stock Market as a result of its bankruptcy filing, according to an 8-K filed Friday with the Securities and Exchange Commission.

The company said its pre-packaged plan of reorganization calls for the dissolution of TBS, the cancellation of all of its shares and no distributions to existing equityholders.

TBS said it does not plan to appeal the delisting, so trading of the shares will be suspended at the opening of business on Feb. 16.

According to the 8-K, the shares will not initially be tradable through the OTC Bulletin Board or in the "Pink Sheets," but they may become eligible to trade through those services in the future if a market maker applies to quote the shares and the application is cleared.

TBS, a Dublin, Ireland-based transportation services company, filed for bankruptcy on Feb. 6 in the U.S. Bankruptcy Court for the Southern District of New York. The Chapter 11 case number is 12-22224.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.