Swing Media suspends trading after demands from creditors

SWING Media Technology, a Singapore-listed Hong Kong company which makes DVDs, among other things, has converted its trading halt last Thursday into a suspension.

This is after its subsidiaries received creditor demands from two banks amounting to a total of HK$58.3 million (S$10.3 million), failing which winding-up petitions will be presented.

The company requested for the suspension "in view of the material uncertainty and doubt on the group's and the company's ability to continue as going concerns".

It said it is negotiating with the relevant banks as well as other financiers to settle the demands and other potential defaults arising from them.

It said it will make further announcements to keep shareholders updated.

Swing Media last traded at S$0.46, giving it a market capitalisation of S$26 million. Net asset value at end-March was HK$29.20.