Delphi to trade on 'Pink Sheets'
NEW YORK (AP) — The stock of auto parts supplier Delphi Corp. will trade on the over-the-counter electronic bulletin board after the company's shares were suspended from trading Tuesday on the New York Stock Exchange.
The NYSE also suspended Delphi's three major debt offerings: 6.5 percent notes due May 1, 2009, 7.125 percent debentures due May 1, 2029, and an 8.25 percent cumulative trust preferred securities of Delphi Trust I.
In a statement, the NYSE noted that it "may, at any time, suspend a security if it believes continued dealings in the security on the NYSE are not advisable." The NYSE blamed "abnormally low" trading volume for the suspension.
As a result, Delphi said Tuesday it will list its shares on the Pink Sheets, an over-the-counter electronic trading platform. The new symbol for Delphi common stock will be DHPIQ, while preferred shares of Delphi will trade under the symbol DPHAQ.
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