Loews’ Trading Status on NYSE Under Review After Restructuring
Loews Cineplex Entertainment Corp.’s trading status on the New York Stock Exchange is under review after recent news reports of the company’s restructuring efforts.
On Dec. 15, the exchange notified Loews that it had failed to maintain the required minimum bid price of $1, a standard that requires demonstration of compliance within six months of notification.
The exchange also requires maintenance of a minimum market capitalization of $50 million, minimum stockholders’ equity of $50 million and a minimum total market value of $15 million for 30 trading days.
Loews shares fell 12 cents, or 27%, to 33 cents in NYSE trading after a delayed opening. They fell 96% last year.
New York-based Loews may be bought by Global Crossing Chairman Gary Winnick and Canadian billionaire Gerald Schwartz for more than $800 million. Last month, Loews said it planned to close or sell 112 theaters as it tries to trim its poorly performing movie houses and avoid filing for bankruptcy protection.
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