The Auto Channel
The Largest Independent Automotive Research Resource
The Largest Independent Automotive Research Resource
Official Website of the New Car Buyer

Raytech Announces Plan to Comply With NYSE Continued Listing Criteria

3 February 2000

Raytech Corporation Announces Plan to Comply With NYSE Continued Listing Criteria

    SHELTON, Conn.--Feb. 2, 2000--Raytech Corporation today announced that it has been granted an 18-month period by the NYSE in which it is to achieve minimum compliance with the NYSE continued listing procedures and quantitative criteria (amended effective July 26, 1999). Although, Raytech Corporation is in compliance with the stockholders equity criteria and the minimum share price criteria, it has been below the listing criteria for aggregate market value of shares outstanding.
    A plan has been submitted to the NYSE to ensure compliance with all the continued listing standards and procedures criteria. The plan is centered on the reorganization of Raytech Corporation to take effect upon confirmation of a plan of reorganization currently being administered and considered by the United States Bankruptcy Court for the District of Connecticut, Case No. 89-00293.
    Raytech Corporation is headquartered in Shelton, Connecticut, with operations serving world markets for energy absorption and power transmission products, as well as custom-engineered components. The Company has been under Chapter 11 protection relating to asbestos personal injury and environmental liabilities since March 1989.