It appears as though Asiatravel.com will need to secure new funding or find a so-called white knight to stave off creditors.
Asiatravel.com Holdings Ltd. has decided to suspend trading of its shares as its auditors flagged the company’s ability to continue as a going concern.
The travel-reservation service provider has received queries from its creditors, suppliers and stakeholders on its financial position in recent days, and anticipates having to discuss repayment terms and explore options for extra funding, it said in a filing to the Singapore stock exchange Friday.
Asiatravel.com said its board recommended that its share trading be suspended immediately given the “dynamic situation.”
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Photo credit: Tourists taking a photo with a selfie stick at Gardens by the Bay in Singapore. Asiatravel.com suspended trading after auditors called its viability into question. Dan Peltier / Skift