When a company that is going through bankruptcy proceedings is listed on the pink sheets or OTCBB, the letter "Q" is added to the end of the company's ticker symbol to differentiate it from other companies.
For example, if a company with the ticker symbol ABC was placed on the OTCBB due to chapter 11, its new ticker symbol would be ABCQ.
12, according to the legal motion, which has not yet been approved by the court.
The motion could be heard as early as Thursday, along with numerous other motions related to the company’s insolvency, including one to allow Sears Canada to stop funding the company’s 7-million pension deficit.
Sears Canada hopes to begin liquidating 45 stores slated for closure beginning on July 21, according a legal motion to be submitted in court as the company struggles to restructure under creditor protection.
The stores are expected to remain open during normal hours of operation until their respective vacate dates, but not later than Oct.
Three years after the shutdown of Wabush Mines by Cliffs Natural Resources, former workers and retirees are looking to a Quebec court to help them recover some of what they lost.
"We're all in this together now," said Rita Pynn, a retiree and member of the Wabush pension committee.
Furthermore, filing for bankruptcy protection means that the company is in such rough shape that it would probably be delisted from the major exchanges such as the Nasdaq or the New York Stock Exchange and relisted on the pink sheets or the Over-The-Counter Bulletin Board (OTCBB).
In most cases, the debtor, called a debtor in possession, runs the business as usual.
However, in cases involving fraud, dishonesty or gross incompetence, a trustee steps in to run the business through the bankruptcy proceedings.
The business is banned from making certain decisions without the permission of the courts.
These include the sale of assets other than inventory, starting or terminating a rental agreement, and stopping or expanding business operations.