Following bankruptcy, Delta Apparel announces delisting

In light of its descent into bankruptcy, Delta Apparel has officially announced it will be delisting from the New York Stock Exchange (NYSE).

The company received a notification from NYSE Regulation that it had initiated proceedings to delist the company’s common stock from the NYSE American LLC.

The move comes after Delta Apparel filed for voluntary petitions under Chapter 11 in the US Bankruptcy Court, meaning that its common stock is no longer suitable for listing on the NYSE American.

Trading of the company’s stock has therefore been suspended and Delta Apparel noted that it did not intend to appeal the decision by the NYSE Regulation.

At the time of the bankruptcy announcement, Delta Apparel said that it would continue to operate its businesses as a debtor-in-possession while pursuing a sale of its assets via one or more competitive bidding processes or other strategic alternatives.

The firm had already agreed to sell its Salt Life brand to Forager Capital Management LLC for around 28 million dollars in cash, the proceeds of which will be conducted under a Bankruptcy Court-supervised process.