SINGAPORE - TT International, which is undergoing debt restructuring, said on Tuesday (Aug 15) that it has applied for an extension of six months till Feb 14, 2018, 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.
The mainboard-listed consumer electronics retailer is being restructured under a scheme of arrangement.
Trading of its shares was voluntarily suspended by the company on Aug 4, 2017, after its 51 per cent-owned subsidiary Big Box (BBPL) received a letter from OCBC Bank with regard to a S$125 million loan facility granted in April 2013 for the construction of the Big Box building. The lenders were seeking the repayment of S$111.3 million by Aug 14, 2017.
TT International said then it was looking to extend the due date of repayment of that debt. It said it was also 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. It said the refinancing options would, if successfully completed, provide a total resolution for the group.
For the year ended March 31, the company posted a net loss of S$44.5 million, widening from a loss of S$33.3 million in the year-ago period as revenue fell 12 per cent to S$304.5 million.