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Singapore-listed TT International suspends trading as it sorts out funding options
TT International Limited, the Singapore-listed consumer electronics retailer which is being restructured under a scheme of arrangement since April 2010, is suspending the trading of its shares with immediate effect as it sorts out its funding options amidst creditors' demands.
Its 51 per cent-owned subsidiary, Big Box Pte Ltd (BBPL) has received a letter from OCBC Bank with regards to the S$125 million loan facility granted in April 2013 for the construction of the Big Box building. The lenders are seeking the repayment of S$111.3 million by August 14, 2017.
The company is seeking an extension of time to repay its debt and is also seeking legal advice to assess the impact of the letter against the group.
It has obtained a non-binding term sheet to obtain funding of up to S$380 million that is required to refinance and repay the BBPL facility and BBPL's other payment obligations. However, this is subject to, among other things, satisfactory due diligence which is being undertaken by the lenders.
TT International believes that this refinancing option would, if successfully completed, provide a total resolution for the group.