The Bermuda-based Trenwick Group Ltd. announced that it expects that its common shares and the Series A Perpetual Preferred Stock of LaSalle Holdings Ltd., its Bermuda-based subsidiary, will be quoted on the Over-The-Counter (OTC) Bulletin Board, as of Tuesday, March 25.
The announcement follows the decision by the New York Stock Exchange to suspend these securities from trading while it discusses their possible de-listing. The average share values over a 30-day period have fallen below the NYSE’s $1.00 minimum price.
Trenwick is in the process of renegotiating some $75 million in outstanding debt with the holders of its senior notes. It has received waivers of default provisions, and back up financing, however, notably a £100 million ($156 million) commitment from Berkshire Hathaway to back its Lloyd’s syndicate 839 on a quota share basis.
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