Exchange has been suspended for the second time in two months.

The halt in trading yesterday comes after shareholders were informed on Friday that a financial package, which includes an equity portion and a debt financing portion to back phase one, the office component, remains incomplete.

"We believe the best course of action is to suspend trading for a few days,'' said BFCL president the Hon. Michael Winfield.

"We wanted to give shareholders the opportunity to review the information presented on Friday. We gave shareholders an update on the commitments for equity on phase one of the office development.

"The company is obviously in a difficult period, we had hoped to have this (financing package) put together by this date,'' he added.

Without the full package in place, common shareholders voted unanimously against restructuring the company's convertible preferred shares to common shares.

A BSE spokesman said it was not known when trading will resume.

"Efforts are now underway to secure the remaining debt financing through overseas sources,'' Mr. Winfield said.

He said the company will focus its efforts on completing leasing discussions with interested parties because the financial package depends on a high level of pre-leasing arrangements, according to Mr. Winfield.

Phase one of the project, the offices, will require about $82 million, but half the debt financing remains outstanding, said Mr. Winfield.

The company's financial advisors -- Bank of Bermuda subsidiary, Bermuda International Investment Management Ltd., had committed to underwrite the equity portion of the package.

BFCL had secured commitments from the Bank of Bermuda for one-half of the debt financing, according to a release from BFCL.

But the bank's commitment was contingent upon BFCL securing a full debt financing package.

Current lenders have given the company until March 31, 1995 to put the necessary financial package in place.

"We are still anticipating completion of the offices in spring, 1997,'' he noted.

While BFCL was ready to proceed with plans for an office building, the hotel development, which was to be operated by the Four Seasons chain, is now on the backburner. However BFCL said it retains the right to submit drawings for a hotel and private apartment complex to the Development Applications Board.

The BSE first halted trading in mid-November for one week with directors of the company wanting a month's suspension.