Struggling consumer electronics retailer TT International on Thursday said that Singapore's High Court has granted its moratorium application until February 11, 2018.
The moratorium application retricts all creditors from taking further action against the company for the above mentioned period.
The company, which owns and operates warehouse facilities, is being restructured under a scheme of arrangement since April 2010.
Last month, its subsidiary, Big Box Pte received a letter from OCBC Bank with regards to the S$125 million loan facility granted in April 2013.
The company is 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.
In light of the above, TT International filed application for a moratorium to buy some time in dealing with financial problems.
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 in a Singapore Exchange filing.
The court also ordered against any proceedings to be commenced or continued against the company or any sort of execution or other legal process against any property of the company shall be commenced.
Shares in the company had been voluntarily suspended from trading since August 4.
