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TT International granted 3-month extension of moratorium, long-stop date
TT International announced late on Friday that the court has granted an extension of the moratorium and long-stop date for the implementation of its new restructuring scheme from Dec 31, 2019 to March 31, 2020.
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.
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.