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TT International proposes new scheme of arrangement

TT INTERNATIONAL is proposing to enter a new scheme of arrangement, to include both its creditors under the existing scheme as well as other creditors, it announced in a filing late on Tuesday night.

The company has been under its existing scheme of arrangement for close to eight years. Based on its latest announced unaudited consolidated financial statements as at Dec 31, 2017, its total indebtedness was approximately S$437 million, including rental due by the company to its 51-per-cent owned subsidiary Big Box.

As at Jul 27, the total indebtedness due to the existing scheme creditors is about S$268.2 million, and to other creditors, S$193.8 million.

The new scheme will be funded by an amount of up to S$45 million, set aside from the consideration of S$48 million to be received from the proposed disposal of shares in its various subsidiaries.

TT International has arranged for documents regarding the new scheme to be sent to the creditors on Tuesday.