AMSTERDAM — Liberty Media’s majority-owned United Pan-Europe Communications cabler is delisting from the Amsterdam Stock Exchange, it said Tuesday, but it will continue on the Nasdaq.
The company had traded at e83.32 ($90.22) at the height of the dot-com boom but is now considered penny stock and was trading at 6¢ in Amsterdam on Monday.
Counting on its triple play of Internet, telephony and voice communications assets, UPC launched its IPO in early 1999 at the height of the Internet stock boom and with high hopes of leading the charge in the European broadband revolution.
The company gobbled up cable companies across Europe, but as the dot-com boom went bust, it racked up billion-dollar debts in acquisitions and upgrades while failing to deliver many of its triple-play promises. By last year, it was tottering on the brink of bankruptcy and filed for Chapter 11 protection in the U.S. and its equivalent in Holland.
Under a restructure involving a debt-for-equity swap, most of the equity is now in the hands of parent UnitedGlobalCom, majority owned by John Malone’s Liberty Media. Low daily volumes in Amsterdam have led to the delisting, which must be agreed to by UPC shareholders in Holland.