NYSE Officially De-lists Certain Tribune Co. Debt

Posted Tuesday, January 6, 2009 12:00 am

By: Mark Fitzgerald The New York Stock Exchange (NYSE) followed up on its stop-trading order last month, officially notifying the Securities and Exchange Commission (SEC) Tuesday that it has delisted some of Tribune Co.?s publicly traded debt.

Tribune exchangeable subordinated debentures due May 15, 2029 were priced as high as $190 when they were issued in 1999, and even as recently as December 2007 fetched $54 apiece. After Tribune filed for Chapter 11 bankruptcy protection to reorganize in the face of $13 billion in debt, the debentures fell to as little as 19 cents, and the NYSE halted their trading.

The debt, commonly called PHONES, now trades on the Over-The-Counter Pink Sheets electronic platform under the symbol TRBCQ.PK.

For current prices of Tribune debt, and more background, see E&P?s business-oriented blog Fitz & Jen blog.

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NYSE Officially De-lists Certain Tribune Co. Debt

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