Corporate digest

TT International

CONSUMER electronics retailer TT International has gotten approval from the Singapore High Court for its new restructuring scheme, subject to a creditor standstill and the extension of the scheme's long stop date, it said on Thursday in a bourse filing.

One of the firm's creditors will be deemed an excluded creditor under the new scheme. The creditor, who was assessed by the court to have a claim of S$1.3 million before GST, has provided an undertaking that it would not, without the court's leave or the company's prior consent in writing, begin winding up proceedings, serve a statutory demand or commence judicial management proceedings against the company. This is in return for TT International providing information to the creditor of any payments made to another excluded creditor.