Woodchipper Gunns again has asked for more time to put together a plan to raise funds.

The company also has requested an extension of the suspension of its shares from trading on the Australian Securities Exchange (ASX).

“Further to Gunns Ltd’s announcement on 26 March, 2012, the company confirms it is proceeding to formulate an equity offer as detailed in that announcement,” Gunns said in a statement on Tuesday.

“The company will provide a further update to the market on 16 April, 2012.”

Gunns said on March 26 that it may seek to raise about $400 million to cut debt and support the development of its $2.5 billion pulp mill project.

Shares in Gunns have not traded since March 9 when they were at 16 cents.