Asiatravel.com gets more time to submit trading resumption proposal

TRAVEL operator Asiatravel.com Holdings now has until April 9, 2020 to submit its proposal to resume the trading of its shares.

The Singapore Exchange approved the Catalist-listed firm's request to extend the deadline, Asiatravel.com said on Wednesday morning.

The counter last traded at 2.7 Singapore cents on July 2, 2018.

Asiatravel.com called for the suspension in the trading of its shares on July 9, 2018. Under listing rules, it must submit a proposal for the resumption of trading within 12 months of the suspension or be delisted from the bourse. 

The company has been undergoing a restructuring exercise since February 2018.

On Wednesday, the company said the time extension was in line with its debt moratorium which expires on April 9.

The High Court had granted the moratorium last October, allowing Asiatravel.com time to file an application for a meeting of its creditors. The company has also requested to extend the deadline for this application to July 9, from April 9. The court hearing for this request will take place on Feb 17.