TT International's new restructuring scheme gets High Court nod

CONSUMER electronics retailer TT International's new restructuring scheme has been approved by the High Court, subject to a creditor standstill and the extension of the scheme's long stop date, it said early Thursday morning in a bourse filing.

One of the amendments and conditions is having one of the firm's creditors deemed an excluded creditor under the new scheme.

The creditor, who was assessed by the court to have a claim of S$1.3 million before GST, has provided an undertaking that it would not, without the court's leave or the company's prior consent in writing, begin winding up proceedings, serve a statutory demand or commence judicial management proceedings against the company.

This is in return for TT International providing information to the creditor of any payments made to another excluded creditor.

The court has also ordered the long stop date for implementation of the new scheme to be extended to April 30, 2019.

The order follows TT International's sanction application hearing on March 26, initially to be held on March 18. The company adjourned the hearing to a later date in order to answer creditor queries.

The firm said it would assess any impact arising from the amendments in the new scheme and creditor standstill on its proposed disposal of shares in the company's subsidiaries and on the new scheme.

Its restructuring scheme excludes the company's 51-per cent subsidiary Big Box Singapore, which owns the Big Box warehouse mall in Jurong East. The unit's voluntary liquidation was initiated in September 2018. 

Shares in TT International have been voluntarily suspended since Aug 4, 2017.