TT International's Big Box under receivership

TT International said in a statement on Thursday that its efforts to secure refinancing for the group, including Big Box (right), are continuing.
TT International said in a statement on Thursday that its efforts to secure refinancing for the group, including Big Box (above), are continuing.PHOTO: LIANHE ZAOBAO

Mall operations not affected, says firm which is seeking legal advice

Receivers have been appointed for Big Box, which owns and operates the same-name eight-storey warehouse mall in Jurong East.

But operations at the mall "continue unaffected", according to TT International, which owns 51 per cent of Big Box.

Consumer electronics retailer TT International is being restructured under a scheme of arrangement.

Mall tenants such as Mr Kevin Soh, director of 24-hour self-service laundromat Laundry Loft, told The Straits Times it is "business as usual", although he will have to keep monitoring the situation.

Ms Angela Ee Meng Yen and Mr Aaron Loh Cheng Lee have been appointed as the receivers, according to a Sept 27 letter issued by Ernst & Young Solutions, which is acting for OCBC as security trustee for the lenders under the Big Box facility.

OCBC had asked Big Box in July to repay $111.3 million by Aug 14, in relation to a $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 $380 million needed to refinance and repay the Big Box facility and its other payment obligations.

On Sept 7, TT International said the High Court had granted its moratorium application to restrict all creditors from taking further action against itself until next Feb 11.

The High Court had also ordered that no receiver or manager could be appointed over any of the firm's property or undertaking.

TT International said in its statement on Thursday that its efforts to secure refinancing for the group, including Big Box, are continuing.

It is also seeking legal advice on the appointment of the receivers and managers.

Trading in the company's shares has been voluntarily suspended since Aug 4. Its last traded price was 1.4 cents, on July 28.

A version of this article appeared in the print edition of The Straits Times on September 30, 2017, with the headline 'TT International's Big Box under receivership'. Print Edition | Subscribe