Intelsat’s shares were suspended from trading on the New York Stock Exchange (NYSE) on May 19h.
The news was not unexpected and follows on from Intelsat’s move into Chapter 11 ‘Debtor in Possession’ bankruptcy. NYSE had commenced proceedings on May 14th.
“Intelsat had the right to request a review of this determination by a Committee of the Board of Directors of the Exchange until May 29, 2020. On May 18, 2020, the Company confirmed that it will not exercise that right. Accordingly, the NYSE will now suspend trading in the common stock and will file a delisting application with the Securities and Exchange Commission,” said the Exchange in a statement.
Intelsat ceased trading with its shares at 40 cents a share.