Forest Enterprises Australia (FEA) is looking for equity partners. The company is taking this step since it wants to restructure its finances and requires a second party in being able to do so.

In an application sent to the Australian Securities Exchange, it has asked the exchange to extend the time for suspending its shares. FEA said that since it has begun to reduce its debt and secure more working capital, it needs more time to be able to prove its worth.

As of now, April 19 has been decided as the share suspension date. The timber company was asked to stop trading since February this year.

Talking about the plans, Andrew White, the Chief Executive Officer of FEA said that it now needs an equity partner for survival. But it is not the only way in which it is trying to save itself from bankruptcy. There are other methods as well.

But he did not reveal any other details. Andrew also said that the company is in talks with several companies.

As of now, banks and FEA are trying to restructure its $213 million debt.