GE Global Looks To De-List Notes From NYSE
|NU Online News Service, March 19, 4:03 p.m.EST?GE Global Insurance Holding Corp. said it has submitted filingsto the Securities and Exchange Commission to cease its reportingobligations as a separate entity and de-list its 7 percent notesfrom the New York Stock Exchange.[@@]
|If the application for de-listing is approved, the insurer,based in Overland Park, Kan., said that debt holders and theinvesting public would receive information on GE Global through thereporting of GE Capital Services, its parent company. GE CapitalServices is a wholly-owned subsidiary of the General ElectricCompany.
|GE Global said it is taking the action to simplify andstreamline its reporting. It added that the current number of GEGlobal's debt holders of record falls below the minimum SECthresholds required for ongoing reporting.
|John Novaria, a company spokesman, said the threshold is 300 andthe number does not exceed 100 for any groups in the notespurchased.
|According to the company's 10K filing, total value of the 239notes comes to under $1.7 billion.
|GE Global Insurance Holding Corporation is the holdingcorporation for GE's Employers Reinsurance Corporation.
|Mr. Novaria said the company hopes the de-listing applicationwill be completed some time this spring.
|More information on ERC is available at www.ercgroup.com.
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