NYSE Begins Delisting of Brazil’s Eletrobras After Deadline Miss

The New York Stock Exchange suspended trading of Brazil’s state-owned power utility Eletrobras in the U.S. Wednesday and began delisting procedures after the company said it would miss a Wednesday deadline to submit its 2014 financial results.

Eletrobras has already delayed the filing to the U.S. Securities and Exchange Commission three times as it conducts internal investigations to put a price tag on corruption. The Rio de Janeiro-based company still doesn’t have enough information to assess the impact on its financial statements.

Centrais Eletricas Brasileiras SA, as the utility is formally known, said in a statement late Tuesday that it was expecting the NYSE to suspend trading of its U.S.-traded American depositary receipts, and that it plans to appeal the decision while continuing to work on finishing the delayed reports. The ADRs may start trading in the exchange’s less prestigious over-the-counter market, the company said May 11.

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