SPOKANE, Wash. - The New York Stock Exchange has delisted Kaiser Aluminum Corp., but a company spokesman said the move doesn't affect operations or the company's Chapter 11 bankruptcy filing. <br>
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"The practical impact of delisting on the company is nil," Kaiser spokesman Scott Lamb said Wednesday. Kaiser shares will be traded over the counter. <br>
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Although Houston-based Kaiser can ask for a review of the decision, made Tuesday, Lamb said that was unlikely. <br>
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Over-the-counter trades are conducted through a telephone and computer network connecting dealers in stocks and bonds, rather than on the floor of an exchange. <br>
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The NYSE can delist companies if their share price is less than $1 for 30 consecutive trading days. Kaiser common stock has not traded above $1 for two months. <br>
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On Feb. 12, Kaiser filed for Chapter 11 bankruptcy protection, listing $3.1 billion in liabilities, and including about $800 million of debt due within the next few years. <br>
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The company has access to about $300 million of debtor-in-possession financing to help with the costs of day-to-day operations. <br>
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Kaiser has major aluminum mills at Trentwood and Mead near Spokane, and in Tacoma. <br>
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