MM2 Asia has requested an immediate voluntary suspension of its share trading effective November 11.

The move follows its November 10 announcement regarding an application for a moratorium under Section 64 of Singapore's Insolvency, Restructuring and Dissolution Act 2018.

In its November 10 statement, MM2 Asia clarified that the moratorium application aims to facilitate the group's financial and operational restructuring. The board believes a court-supervised reorganization would serve the "best interests of all stakeholders" by preserving core business value and maintaining operational continuity.

The company has faced multiple payment demands in recent months, including a November 7 notice from United Overseas Bank (UOB) claiming S$74.6 million in outstanding debts.

Earlier, on October 16, MM2 Asia and its affiliates received a S$905,582.87 debt demand from Standard Chartered Bank.

Another demand letter arrived on September 15 from Super Bean International, seeking S$97,500 under a November 2023 investment agreement with MM2 Entertainment, the group's subsidiary.

MM2 Asia shares last traded at S$0.003 on November 10, marking a 25% single-day decline.