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Majority of TT Int's creditors approve long-stop date extension

TT International announced late on Friday night that the extension of the long-stop date for the new restructuring scheme was approved by the majority of its creditors.

In a vote on Dec 13, some 96.8 per cent of secured creditors and 96.8 per cent of unsecured creditors approved the extension of the long-stop date of the new scheme, in a filing to the bourse.

Previously in July, the company had entered into a binding term sheet with investor Celestial Palace Limited for a convertible loan of S$48 million, of which an amount of up to S$45 million will be used to fund the implementation of the new scheme.

The court had approved the new scheme and the company received an extension of the existing moratorium until Dec 31, 2019 to give it time to obtain all necessary approvals from relevant authorities to facilitate the completion of the convertible loan and the implementation of the new scheme.

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Earlier this month, the company applied to the court for another extension of its existing moratorium to March 31, 2020, and to extend the long-stop date.

Trading in the company's shares has been voluntarily suspended since Aug 4, 2017.