MOUNT AIRY, N.C. (Feb. 24)—Trading of bead wire maker Insteel Industries Inc.'s shares on the over-the-counter market has been suspended pending the company's ability to restructure its credit facility and refinance its loans.
Insteel Industries said its shares would still be available on Pink Sheets until it meets the OTC Bulletin Board filing requirements. One requirement is the proper and timely filing of Securities and Exchange Commission documents; Insteel is late with its fiscal 2003 10-K pending the credit and refinancing issues.
The company is negotiating a restructuring of its credit facility with its existing lenders as well as with prospective providers of capital regarding a partial or complete refinancing.
Insteel said it believes that the outcome of such negotiations must be finalized before it can file its 10-K, because the terms and structure of such a restructuring or refinancing are expected to materially impact certain disclosures in the form.