Koll Listing Continued

NEWPORT BEACH — Bolsa Chica developer Koll Real Estate Group Inc. said its stock will continue to be listed on the Nasdaq market at least until July 8, pending completion of its debt-for-stock swap.

Earlier this month, Nasdaq officials threatened to remove the company because losses had driven the developer’s net worth below $4 million. Koll officials appealed the decision, saying that the restructuring, which gives the company’s bondholders a 90% stake for the forgiveness of $200 million in debts, would put them back into compliance with revenue requirements.

If the recapitalization lasts beyond July 8, the stock will continue to be traded on Nasdaq’s over-the-counter bulletin board or on the National Quotation Bureau’s pink sheets. Once the company’s restructuring is complete, it plans to borrow $25 million to build 2,400 homes on a mesa north of the Bolsa Chica wetlands.