CFA Society Singapore
SINGAPORE (Sept 29): Shares in consumer electronics retailer TT International have been suspended since Aug 4 as the beleaguered company sought to refinance loans and other financial obligations linked to its 51% owned subsidiary, Big Box Pte Ltd (BBPL).
TT International last month said it was in talks to obtain funding of up to $380 million required to refinance the loans and other financial obligations.
On Thursday evening, the group announced that BBPL has been put under receivership as the group continues to undergo restructuring under a scheme of arrangement which started in April 2010.
Citing a Sept 27 letter issued by Ernst & Young Solutions, the group says Ee Meng Yen Angela and Aaron Loh Cheng Lee have been jointly and severally appointed as the receivers and managers over all relevant assets, properties and undertakings under the BBPL facility, with OCBC Bank as the facility and security trustee for the lenders.
According to TT International, BBL’s Big Box building’s operations, along with the warehouse retail scheme business which it undertakes, continue to be unaffected by these developments.
The group adds that it continues to pursue refinancing options to a total solution for the group, including BBPL’s liabilities, financing and restructuring of the group’s indebtedness, as well as its capital requirements.
It is also seeking legal advice on the appointment of the receivers and managers, and says it will continue to keep its stakeholders informed of any material developments on this matter on a timely basis, once available.
Shares in TT International last traded at 1.4 cents before the suspension.