Multiple online reports indicate the New York Stock Exchange has halted all trading of stock for Alpha Natural Resources, the Bristol, Va.-based coal company, and that the exchange has begun the process of delisting Alpha.
Alpha was told by NYSE officials in April that it was in a state of non-compliance because it had not traded above $1 a share for more than 30 days. Alpha said at the time it would take steps to push the stock value back up to avoid delisting.
Today, however, StreetInsider.com and Seeking Alpha have both reported the NYSE has decided to go ahead with delisting.
The Wall Street Journal yesterday reported Alpha could file for Chapter 11 bankruptcy protection in August and is currently talking with both loan holders and bondholders about procuring a $400 million loan.
A call to Alpha’s corporate headquarters seeking comment was not immediately returned.