SINGAPORE: Embattled Hyflux has secured two more months of reprieve from its creditors, as the Singapore High Court on Monday extended its debt moratorium to Dec 2.to let it prolong its search for a rescue investor as it tries to return to solvency.In making the case for an extension, Hyflux’s legal adviser told the court that negotiations with United Arab Emirates utility firm Utico"have not stalled" and the company will prioritise the conclusion of a deal.
According to Mr Sandrasegara, Hyflux has obtained an “in-principle buy-in” on the commercial terms of a scheme of arrangement from senior unsecured creditors. These terms were not disclosed in court.“While the senior creditors are quite comfortable with the initial sums they will receive, one point that concerned them was the source of funds – how this money or when the money be paid to them,” said Mr Sandrasegara.
READ: Hyflux’s waste-to-energy project in Tuas ‘closely’ monitored by NEA as firm’s restructuring drags on He stopped short at the details, but cited from founder-CEO Olivia Lum’s latest affidavit that the amount received is “substantial and will improve cashflow tremendously”.
Since embarking on a court-supervised process to reorganise its business and liabilities last May, Hyflux's restructuring journey has been marked by several twists and turns.
Source: Law Daily Report (lawdailyreport.net)
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