Asia Television (HKG:0707) has submitted an application to the Grand Court of the Cayman Islands for the appointment of joint provisional liquidators, along with a winding-up petition, according to a Monday Hong Kong bourse filing.

The broadcasting firm said the move is in the best interests of the company, its shareholders, and creditors, and aims to allow the proposed liquidators to develop a viable restructuring plan to keep the company operating as a going concern.

The liquidators would also be empowered to communicate with regulators, fulfill listing requirements, and investigate the company's affairs, the filing added.

The company said it will issue further updates once the application and petition are formally filed.

Trading in Asia Television's shares has been suspended since Aug. 11, and will remain suspended until further notice.