On February 8, 2016, Noranda and its wholly owned direct and indirect subsidiaries voluntarily filed to initiate a court-supervised restructuring process under Chapter 11 of the Bankruptcy Code. We took this action to have additional time and flexibility to evaluate options for our various business operations.
After careful consideration, and with the support of our Board and our principal lenders, we have determined that this court-supervised process is in the best interests of Noranda and our stakeholders.
As part of the court-supervised process, Noranda will be required to periodically disclose certain financial results. Noranda will not issue earnings news releases or hold quarterly conference calls during the court-supervised restructuring process. Noranda plans to continue to file quarterly and annual reports with the Securities and Exchange Commission.
For more information, please visit the restructuring page at www.norandaaluminum.com/restructuring, which will provide you with regular updates as well as a link to our claims agent website.
While the Company moves through its court-supervised process, Noranda common stock may continue be traded over the counter under the symbol “NORN”. There can be no assurance that it will be, or will continue to be, traded.
It is too early to say what will happen to Noranda’s common stock as a result of the court-supervised restructuring process. Often, however, the common stock of a company in Chapter 11 proves to be worthless and the stock is cancelled upon the company’s emergence from the court-supervised process.