TT International gets court approval to extend scheme deadline to Aug 14

Sharanya Pillai

Published Fri, May 29, 2020 · 08:52 AM

MAINBOARD-LISTED TT International has received approval from the court to extend the long-stop date for its proposed restructuring scheme to Aug 14, the company said in a bourse filing on Friday.

The consumer electronics trader will also have its existing debt moratorium, which protects it from creditors, extended to that date. The current moratorium expires this Sunday.

In July last year, TT International entered into a binding term sheet with a potential white knight, Celestial Palace Limited, to obtain a convertible loan of S$48 million, of which up to S$45 million would be used for its debt restructuring. It will now have up till the new deadline to implement this scheme.

TT International had previously held a majority stake in the failed Big Box warehouse mall in Jurong East. Its restructuring excludes the mall-owning Big Box subsidiary, which started voluntary liquidation proceedings in September 2018.

Last December, TT International had to file a notice of three years' consecutive pre-tax losses with the bourse. That month, KPMG issued a disclaimer of opinion on TT International's financial statements for the year to March 31, due to "material uncertainties which may cast significant doubt" about whether the group could continue as a going concern.

Trading in shares of TT International has been suspended since Aug 4, 2017.