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New York Stock Exchange delisting Enron

The New York Stock Exchange on Tuesday suspended trading of Enron Corp shares and related securities while moving to delist the stock, dealing the latest blow to the collapsed energy company.

The NYSE said it took the action because of the "expected protracted nature" of Enron's bankruptcy case and the impact it will have on the company's shareholders.

Enron's common shares will now trade as an over-the-counter stock under the symbol "ENRNQ".

In the biggest bankruptcy in US history, Enron filed for Chapter 11 protection early last month in New York after investors lost confidence in the company. In reporting its first quarterly loss in more than four years on October 16, the company took a $1.01 billion charge for ill-fated investments and disclosed it would write down $1.2 billion in shareholder equity due to off-balance sheet transactions.

Questions about those deals, and the perception Enron was reluctant to fully discuss them, fueled investor concerns and led the stock to begin its long tumble. The stock, which traded at about $90 a share in August 2000, has dropped to an average closing price of less than $1 over a consecutive 30-day trading period, the NYSE said in explaining its move to delist the company.

The NYSE added that Enron has a right to review the decision with a committee of the stock exchange's board.

Shares of Enron, which were halted at 67 cents on January 10 on the NYSE, were last quoted at 50 cents in the over-the-counter market.

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