SINGAPORE - Struggling consumer electronics retailer TT International said late on Thursday (Sept 28) it received notice that receivers have been appointed over its 51 per cent-owned subsidiary, Big Box Pte Ltd (BBPL), which owns and operates the same-name eight-storey warehouse retail mall in Jurong East.
The company, which is being restructured under a scheme of arrangement, said the warehouse retail scheme business undertaking and operations carried out at Big Box presently continue unaffected.
It said Ee Meng Yen Angela and Aaron Loh Cheng Lee were appointed as joint and several receivers and managers in a Sept 27 letter issued by Ernst & Young Solutions for OCBC as security trustee for the lenders under the BBPL facility.
BBPL in August received a letter from OCBC Bank with regards to a S$125 million loan facility granted in April 2013. TT International said then that it was in talks with lenders to obtain funding of up to S$380 million needed to refinance and repay the BBPL facility and its other payment obligations.
On Sept 7, TT International said the Singapore High Court had granted its moratorium application to restrict all creditors from taking further action against the company until Feb 11, 2018. The High Court granted the moratorium application and ordered, amongst others, no appointment shall be made of a receiver or manager over any property or undertaking of the company, the company said.
On Thursday, TT International said its efforts to pursue refinancing options to provide a total solution for the group, including BBPL's liabilities, financing and restructuring of the existing indebtedness of the company and working capital requirements of the group, are continuing.
It it is also seeking legal advice on the appointment of the receivers and managers and will continue to keep all its stakeholders updated on any material development on a timely basis once available.
Trading in the company's shares has been voluntarily suspended since Aug 4, 2017.