FirstPlus Financial Group Inc., a troubled home equity lender to consumers with spotty credit histories, may have its shares delisted by the New York Stock Exchange because the company has not filed its 1998 annual report with regulators or reported earnings results, the exchange said.
The world's biggest stock market said it will suspend FirstPlus shares before trading May 6 and apply to the Securities and Exchange Commission to have them delisted.
Officials of Dallas-based FirstPlus declined to comment. FirstPlus Financial Inc. filed for Chapter 11 bankruptcy protection in Dallas last month. The company's problems surfaced last year when it reported a third- quarter loss of $82 million after demand for the type of high-risk asset- backed bonds it sold to fund its loans was squelched.