Hyflux could be headed for a debt moratorium extension application as it has added well-known restructuring specialist nTan Corporate Advisory as adviser for its ongoing court-supervised reorganisation process.HYFLUX could be headed for a debt moratorium extension application as it has added well-known restructuring specialist nTan Corporate Advisory as adviser for its ongoing court-supervised reorganisation process.
Hyflux's next status conference will take place on April 25. If it wants to apply to extend the moratorium, it must do so by then.The judge at the last case management conference last Thursday said if Hyflux hopes to push out the April 30 expiry date of the court moratorium, a feasible plan is needed before more time can be granted.
nTan Corporate Advisory managed to persuade hard disk drive distributor eSys's creditor banks in the mid-2000s to hold off on pursuing legal claims. The firm also helped to design an equity injection from Teledata Informatics, which had approached eSys about a potential investment before nTan was hired, through a structure that was more favourable to eSys.
Meanwhile, Hyflux has fired the first legal salvo in its dispute with its former suitor SM Investments as it filed a lawsuit on Monday in the Singapore High Court for the alleged repudiation of the rescue deal and is claiming the S$38.9 million deposit, said Hyflux in a regulatory filing on Monday.
Source: News Formal (newsformal.com)
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