NYSE moves to delist Erin Energy shares following chapter 11

Houston-based oil company Erin Energy will be appealing a decision made by the New York Stock Exchange to delist its shares from trading, following the company’s filing for chapter 11 bankruptcy. 

Erin Energy's Oyo field wells are connected to the Bumi Armada-owned FPSO Armada Perdana.

Erin Energy and certain of its subsidiaries earlier this week filed voluntary petitions under chapter 11 of the U.S. Code in the Bankruptcy Court for the Southern District of Texas, Houston Division to pursue a plan of reorganization.

In its chapter 11 filing announcement, the company said on Thursday it would continue to operate under the jurisdiction of the court and in accordance with the applicable provisions of the code and the orders of the court.

On Friday, Erin said that the NYSE had started proceedings to delist the company’s common stock as a result of the company filing voluntary petitions under chapter 11 on April 25, 2018.

The NYSE suspended trading in the company’s common stock effective April 26, 2018.

The NYSE stated that it will apply to the Securities and Exchange Commission (SEC) to delist the company’s common stock upon completion of all applicable procedures, including any appeal by the company of the NYSE’s determination.

Erin Energy noted it intends to appeal the delisting determination.

The company anticipates that its common stock will begin trading on the OTC on April 27, 2018, under the ticker symbol ERINQ.