Nasdaq will suspend Leslie's shares Tuesday after Chapter 11 filing

Leslie's said Nasdaq will suspend trading in its common stock at Tuesday's open after the pool-supplies retailer chose not to appeal the exchange's delisting determination. The company expects its shares may begin trading over the counter, but it gave no assurance that a market will develop.

The shares are leaving Nasdaq.

The delisting notice is a direct market consequence of the restructuring, leaving holders to depend on any over-the-counter quotation while the bankruptcy plan moves through court in Texas.

Leslie's and several subsidiaries filed pre-arranged Chapter 11 cases on September 30 in the Southern District of Texas. The bankruptcy court later gave interim approval to financing that includes a $90m debtor-in-possession term facility and $225m of revolving commitments.

The company borrowed $45m from the term facility on October 2 and had not drawn on the new revolving facility as of that date. Both facilities mature six months from October 2, subject to restructuring milestones and possible earlier repayment when the plan takes effect.