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TT International receives notice of appointment of receivers for Big Box
STRUGGLING consumer electronics retailer TT International has received a notice of appointment of receivers over its 51 per cent-owned subsidiary, Big Box Pte Ltd (BBPL) and is seeking legal advice on the appointment, it announced on Thursday evening.
Ee Meng Yen Angela and Aaron Loh Cheng Lee have been appointed as joint and several receivers and managers in the Sept 27 letter issued by Ernst & Young Solutions LLP for OCBC as security trustee for the lenders under the BBPL facility.
TT International had, on Sept 7, said the Singapore High Court had granted its moratorium application to restrict all creditors from taking further action against the company for the above mentioned period until Feb 11, 2018.
TT International, which owns and operates warehouse facilities, is being restructured under a scheme of arrangement since April 2010, and last month, its subsidiary BBPL received a letter from OCBC Bank with regard to the S$125 million loan facility granted in April 2013.
It is in talks with lenders to obtain funding of up to S$380 million that is required to refinance and repay the BBPL facility and its other payment obligations.
TT International said on Thursday that the warehouse retail scheme business undertaking and operations carried out at BBPL's Big Box building presently continue unaffected by the appointment of the receivers and managers.
Its efforts to pursue refinancing options to provide a total solution for the group, including BBPL's liabilities, financing and restructuring of the existing indebtedness of the company and working capital requirements of the group, are also continuing.