COVID-19: Hyflux gets green light from High Court to postpone scheme meetings, extend debt moratorium
SINGAPORE: Hyflux has been given the go-ahead by the Singapore High Court to postpone its scheme meetings and have its debt moratorium extended by another three months, it said in a bourse filing on Thursday (Apr 16).
The troubled water treatment firm had filed the urgent applications on Apr 7, citing the ongoing COVID-19 pandemic and heightened safe distancing rules which have made it “impossible ... to physically convene the scheme meetings” on Apr 22 and Apr 23.
The scheme meetings, where creditors will get to cast their votes on the restructuring deal, have been ordered to be “postponed to a later date to be decided”, Hyflux said in the bourse filing.
The High Court also extended the moratorium, which was supposed to expire on Apr 30, until Jul 30.
In addition, the High Court has scheduled a case management conference at 10am on May 14 to issue further directions on the convening of the scheme meeting and the moratorium, it added.
Hyflux is in the final legs of concluding a S$400 million rescue pact with United Arab Emirates utility firm Utico.
It said it will make appropriate announcements as and when there are any further material developments on this matter.