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Struggling TT International takes bridging loan of up to S$3m
A SUBSIDIARY of Mainboard-listed TT International, International Tradelogistics, has taken a bridging loan of up to S$3 million as its restructuring process drags on, the struggling electronics retailer which owns part of warehouse mall Big Box said on Tuesday.
"The protracted restructuring process has inevitably been difficult for the group's cashflow position and the purpose of the bridging loan is to tide the group through this interim period," TT International said.
Under the terms of the bridging loan, directors Julia Tong and Sng Sze Hiang are required to provide a joint-and-several personal guarantee within one month from the agreement, unless waived by the lender in its discretion.
The lender is Celestial Palace, a Seychelles-incorporated company that is planning to buy shares in TT International's various subsidiaries. According to a previous regulatory filing, the purchaser's business includes investment and investment holding activities in South-east Asia, with a focus on consumer electronics products, furniture, as well as mid to high-end luxury goods.
TT International's proposed disposal comprises 10 subsidiaries of the group – three of the sale companies carry out its furniture retail businesses, while the other seven carry out the group's consumer electronics retail businesses.
Shares in TT International have been voluntarily suspended since Aug 4, 2017.