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TT International seeks extensions for moratorium, scheme of arrangement

CONSUMER electronics retailer TT International is seeking a fourth extension of a moratorium that restricts creditors from taking further action against it, as well as for the implementation of its scheme of arrangement, it announced on Friday evening.

On April 18, TT International applied to the High Court for an extension of the existing moratorium, which expires on April 30, 2019, till July 31, 2019 instead.

It also applied for an extension, till the same date, of the long stop date for the implementation of its scheme of arrangement. The scheme involves the sale of shares in various subsidiaries to Seychelles-incorporated firm Celestial Palace. The Court had approved the new scheme on March 29 subject to amendments and conditions.

The extension applications are to "facilitate the assessment of impact arising from the amendments to the new scheme and the creditor standstill ... on the completion of the proposed disposal and the new scheme and to address the same", said TT International.

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Both TT International and Celestial Palace have agreed to extend the long stop date for the completion of the proposed disposal to July 31, 2019, added the company. It said it will make further announcements relating to the proposed disposal, the scheme, and the hearing of the applications in due course and as and when there are material developments.

Trading in the company’s shares has been voluntarily suspended since Aug 4, 2017.