Consumer electronics retailer TT International on Friday requested for an immediate trading halt of its shares as it figures out its funding options amidst creditors' demands.
The company, which owns and operates warehouse facilities, is being restructured under a scheme of arrangement since April 2010.
Its 51 percent-owned subsidiary, Big Box Pte Ltd (BBPL) has received a letter from OCBC Bank with regards to the S$125 million loan facility granted in April 2013 for the construction of the Big Box building. The lenders are seeking the repayment of S$111.3 million by August 14, 2017.
TT International is looking for extension of the due date of repayment of debt.
The company is 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.
"The company will work closely with the potential financier(s) with a view to achieving a satisfactory outcome for all stakeholders, " the company said in a statement.
TT International believes that the refinancing options would, if successfully completed, provide a total resolution for the Group.
TT International has a debt to total capital ratio of 94.23 percent.
Shares in the company closed ended up 8 percent at S$0.014 on July 28 on the Singapore Exchange. Stock has lost about 70 percent so far this year.
