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TT International's Big Box assets put under receivership, operations 'continue unaffected'

Michelle Zhu Published on Fri, Sep 29, 2017 / 11:57 AM GMT+8

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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.

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TT International's Big Box assets put under receivership, operations 'continue unaffected'