Navistar International Corp. said late Tuesday that the New York Stock Exchange has informed the company that it plans to proceed with its previously announced delisting of the company from the exchange
and will suspend trading in company stock at the end of trading on Feb. 13 as part of the procedure.
The New York Stock Exchange action is a result of the company’s Dec. 15 announcement that it will complete the restatement of its 2005 financial statements after Feb. 1, 2007. The company said it anticipates being quoted on the Pink Sheet Electronic Quotation Service as soon as the exchange suspends trading. The company said it will appeal the decision.
“While we are disappointed with the exchange’s ruling and plan to appeal, we continue to remain focused on our principal mission of creating value for our shareholders and that includes turning in strong operating results in our current fiscal year,” said Daniel C. Ustian, Navistar chairman, president and chief executive officer.
Bill Caton, the company’s executive vice president and chief financial officer said, “We are committed to accurate financial statements and we will continue to devote the necessary time and resources to achieve that goal. We have made significant progress on completing the restatement of our financial statements while at the same time strengthening accounting processes throughout the company. Wherever we are listed, we are committed to continued communications with our shareholders.”
Navistar International Corp. is the parent company of International Truck and Engine Corp.