Irvine Parts Reseller Is Delisted

Irvine-based Aviation Distributors Inc., accused by its former accountants of submitting false sales figures to obtain a bank loan, said Friday that its stock has been removed from the Nasdaq market. The airplane parts reseller said the stock was delisted largely because the national accounting firm of Arthur Andersen LLP, in resigning last month, withdrew its audits for the last three years. Aviation Distributors said it sought a 60- to 90-day exemption to give it time to satisfy listing requirements, but a Nasdaq panel denied the request. The company said it continues to operate as usual as it seeks a new accounting firm to replace Arthur Andersen. The Big 6 accounting firm said at the time it resigned that it discovered the false sales figures as well as an attempt by Aviation Distributors to cover up the discrepancies. The company said it is in the process of hiring new accountants to audit financial statements for this year and the last two years. When completed, the company said it plans to reapply for Nasdaq listing.