Navistar's Delisting Valentine - TheStreet

Navistar's Delisting Valentine

It still hasn't filed 2005 financials.
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Navistar (NAV) - Get Report sank in late trading Tuesday after the Big Board set plans to delist the stock next week.

Warrenville, Ill.-based Navistar said the

New York Stock Exchange

cited the company's failure to file its 2005 financials by Feb. 1.

Navistar expects to have its shares traded on the pink sheets starting Feb. 14.

"While we are disappointed with the exchange's ruling and plan to appeal, we continue to remain focused on our principal mission of creating value for our shareholders and that includes turning in strong operating results in our current fiscal year," said CEO Daniel C. Ustian.

"We are committed to accurate financial statements and we will continue to devote the necessary time and resources to achieve that goal," added finance chief Bill Caton. "We have made significant progress on completing the restatement of our financial statements while at the same time strengthening accounting processes throughout the company. Wherever we are listed, we are committed to continued communications with our shareholders."

Shares fell 63 cents to $46.10.