SINGAPORE – OCBC has filed a winding-up application against consumer electronics trader TT International, whose debts are being restructured under a scheme of arrangement.
The company owes OCBC at least $21.7 million, according to a bourse filing by TT International on Nov 20. Of this sum, $21.5 million is in unsecured debt and around $294,000 is in secured debt.
Under the terms of the scheme of arrangement which it has with its creditors, no creditor shall take any steps to wind up the company until the new scheme is terminated, said TT International.
It added: “The new scheme has not been terminated. OCBC is a creditor of the company and is subject to the terms of the new scheme.”
TT International previously held a majority stake…