NYSE reviews APP's listing

NYSE reviews APP's listing

NEW YORK (Reuters): The New York Stock Exchange on Tuesday said the listing of debt-laden Asia Pulp & Paper Co. Ltd. was under review because the Indonesian company's shares have fallen below the $1 minimum price.

The NYSE notified APP, the 10th-largest paper company in the world, that it was out of compliance with its listing requirements. A share must trade for at least $1 over a 30-day period six months from notice.

Trading in APP's American depositary receipts was halted at 18 cents on Monday on the NYSE, after the company said it would stop interest and principal payments on all its debt. Trading resumed on Tuesday, with shares falling 22 percent to 14 cents.

According to the Singapore-based company's balance sheet on June 30, APP's consolidated debt and preferred stock totaled $11.6 billion.

A spokesman for Credit Suisse First Boston, which APP has hired as advisors, said the restructuring of the company's debt would be the biggest ever in the emerging markets.