Koll Listing Continued

Bolsa Chica developer Koll Real Estate Group Inc. said its stock will continue to be listed on the Nasdaq market at least until July 8, pending completion of its debt-for-stock swap.

Earlier this month, Nasdaq officials threatened to remove the company because losses had driven the developer’s net worth below $4 million. Koll officials appealed the decision, saying that the restructuring, which gives the company’s bondholders a 90% stake for the forgiveness of $200 million in debts, would put them back into compliance with revenue requirements.

If the recapitalization lasts beyond July 8, the stock will continue to be traded on Nasdaq’s over-the-counter bulletin board or on the National Quotation Bureau’s pink sheets. Once the company’s restructuring is complete, it plans to borrow $25 million to build 2,400 homes on a mesa north of the Bolsa Chica wetlands.