Nasdaq boots out Ultrapetrol

Restructuring South American owner loses appeal to keep its US listing.

South American owner Ultrapetrol has lost its bid to keep its listing on the Nasdaq Stock Exchange.

The company said the exchange had denied its appeal to remain, and it will now be suspended on 19 October.

Nasdaq will then remove the stock from its Capital Market board.

The company said it was exploring options to be quoted as an over-the-counter (OTC) security, but can offer no guarantee this will be possible.

The stock has been trading below the exchange's required price threshold of $1 and is currently $0.25.

Earlier this month, the company’s chief executive Damian Scokin resigned after two years, to be replaced by chairman Eduardo Ojea Quintana, an energy executive, from 1 November.

Ultrapetrol is in talks that could lead to a sell-off of what remains of its presence in ocean shipping as it continues to seek solutions to its cash squeeze.

The discussions would be the culmination of a year-long shift that has seen it focus more heavily on its tug-and-barge and offshore vessel business.

It has been in talks with lenders and has decided to skip interest and principal payments on notes and loans.