AEDES SpA, the Italian property company whose stock has lost 80 percent this year, has asked for a three-month extension to a moratorium agreement with its creditors.

Aedes asked banks to extend the moratorium to December 31, the Milan-based company said in a stock-exchange statement late on Thursday, following a meeting with its lenders. The previous deadline was September 30, according to Bloomberg News.

Aedes, which had 807 million euros (US$1.18 billion) in debt at the end of the first half, said last month that "market conditions" prevented it from selling assets earlier.

Investment firm Societa Partecipazioni Finanziarie SpA's 171-million-euro offer for new Aedes shares will be valid if regulators exempt it from a mandatory public tender offer for Aedes, if it meets a deal with creditors and presents a valid plan by the end of October.

Aedes traded at 71 cents, down 3.7 percent, yesterday in Milan, giving it a market value of 72 million euros.