Big Box owner TT International Ltd gets extension to keep creditors at bay

SINGAPORE-LISTED TT International Ltd on Monday said it has been granted by the High Court in Singapore a moratorium extension to Aug 11, 2018, effectively giving the distressed consumer electronics retailer more breathing room from creditors.

The moratorium application restricts all creditors from taking further action against the company.

The company, which holds 51 per cent of retail and concert venue operator Big Box Pte Ltd, said it has also won approval from the receivers and managers of Big Box to continue occupying part of the property at a revised lower rental rate for at least seven months.

"The company is confident that the extension of the moratorium will provide the impetus and stability to the company to progress its restructuring and assuage any immediate concerns of its creditors and stakeholders," it said in a filing.

"The company will work closely with the potential investors and lenders, statutory authorities and other stakeholders to bring to fruition the restructuring in the near future."

TT International stands to access interim funding after reaching an agreement with an unnamed investor to update a term sheet for some S$125 million of proposed investment, it announced in February this year.

Trading in the company's shares has been voluntarily suspended since Aug 4, 2017. TT International, which owns and operates warehouse facilities, has been undergoing a period of restructuring under a scheme of arrangement since April 2010.