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TROUBLED consumer electronics retailer company TT International on Monday evening said it has received a letter of demand from solicitors of Big Box Pte Ltd (BBPL), a 51 per cent subsidiary of the company, claiming the repayment of S$50.75 million in alleged rental arrears.
The letter of demand states that payment is to be made within 10 days of the date of the letter, failing which BBPL will commence legal action against the company.
The letter of demand also constitutes a statutory demand for TT International to make payment to BBPL within 21 days from the date of service of the statutory demand, failing which the former will be deemed to be unable to pay its debts and BBPL can then apply for a winding-up order against it.
TT International said it disputes the alleged claim and is seeking legal advice to challenge the demand made by BBPL. It is also assessing the impact of the letter of demand against the group.