Polymer Group Inc announced that the company, and selling stockholders consisting primarily of MatlinPatterson Global Opportunities Partners, L.P. and certain of its affiliates (MatlinPatterson), would postpone their proposed public offering of Class A Common Stock. Polymer Group and MatlinPatterson cited poor market conditions as the reason for the decision.
"Our decision to postpone the offering at this time is primarily due to volatile market conditions that do not provide for the right environment to maximize shareholder value through our intended initiatives. We will continue to monitor the financial markets for future opportunities to move forward with our planned sale of shares," said Veronica (Ronee) M. Hagen, chief executive officer of Polymer Group, Inc.
In addition, the company announced that its Class A Common Stock will not be listed on the New York Stock Exchange and will continue to trade under its current ticker symbol.
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