Netia appeals against being removed from the Nasdaq

Netia, the first Polish company that was quoted on the Nasdaq will be withdrawn from being listed on the bourse. This decision was taken by the Nasdaq management board, who justified their decision on the fact that Netia does not possess fixed assets worth $4 million and a minimum ownership capital of $10 million, which is a standard for all listed companies. The telecoms operator has appealed for this decision to be reviewed by the Nasdaq Listing Qualification Panel. Nasdaq said, "It is difficult to assume that we will agree to Netia's request. However the company will continue to be listed until the hearing."The company has also applied to a New York Bankruptcy Court with preventive proceedings, which according to Nasdaq regulations, will remove the company from being quoted. However the decision of the court depends on the decision of a Warsaw district court where Netia applied for opening the settlement proceedings. The Polish court will make a decision once it has received an expert opinion about the state of Netia. "We still do not know if this opinion has been completed, or if the court has examined it,"said Jolanta Ciesielska, a spokesperson for Netia. (Prawo i Gospodarka, pp. 1, 2) P.W.