NYSE Moves To Delist Magellan

Magellan recently warned that it might have trouble complying with a financial covenant in a bank credit agreement.

As long as the lenders are patient and do not exercise their right to demand early repayment of debt, Magellan has the cash it needs to cover its current expenses and invest in its business, the company says in a statement about the NYSE delisting notice.

“The company’s cash flow from operations is positive,” Magellan says. “The company remains current on all payments to its providers, vendors, suppliers and lenders.”