W Holding Company, Inc., the Financial Holding Company of Westernbank Puerto Rico, Provides Update on Nasdaq Listing Qualifications Thursday November 15, 12:49 pm ET
MAYAGUEZ, Puerto Rico, Nov. 15 /PRNewswire-FirstCall/ -- W Holding Company, Inc. (NYSE: WHI - News), the financial holding company for Westernbank Puerto Rico, today announced that it had received a determination letter from the Nasdaq Listing Qualifications Panel relating to its failure to file its Form 10-Q for the quarter ended June 30, 2007. The determination letter states that the Company has until December 3, 2007 to provide Nasdaq with certain requested information relating to the Company's previously announced investigation of the Inyx loan and related matters, and until December 31, 2007 to file its delinquent Form 10-Q for June 30, 2007. The Company is currently in the final stage of its previously announced evaluation and review of (i) the Inyx, Inc. credit, (ii) Westernbank's asset-based lending portfolio, and (iii) the asset-based lending division's systems of internal controls. The Company intends to file its Forms 10-Q for the quarters ended June 30, 2007 and September 30, 2007 as soon as practicable following the completion of this review.
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