High Court grants TT International moratorium, orders no further action from creditors

SINGAPORE - The High Court has granted troubled consumer electronics retailer TT International a moratorium, ordering all creditors be restrained from taking further action against the company until Feb 11 next year, the mainboard-listed firm said on Thursday (Sept 7) in a pre-market filing.

With the granting of the moratorium on Wednesday (Sept 6), the court ordered that no appointment shall be made of a receiver or manager over any of TT's property or undertaking, and no execution, distress or other legal process against any of TT' property shall be commenced, continued or levied, except with the court's approval.

Furthermore, creditors are not allowed until Feb 11, 2018, to take any steps to enforce any security over any of TT's property, or to repossess any goods held by the company.

For its part, TT will have to provide a report on the valuation of each of its significant assets and forecasts of its profitability, and the cash flow from its operations and that of its subsidiaries.

The firm is currently undergoing debt restructuring.

Last month it applied for an extension of six months until Feb 14 next year to announce its unaudited financial statements for the first two quarters of financial year 2018.

 

It said the moratorium will provide the company with enough time to pursue a total solution for the group, including the restructuring of its debts and liabilities, and, potentially, its subsidiaries.