SINGAPORE: Embattled water treatment firm Hyflux has received proofs of claims worth S$3.5 billion from 73 parties, including from banks, landlords and retail investors.
Among the biggest claims were those filed by holders of its perpetual securities and preference shares, according to documents on its website on Friday (Mar 8). These amounted to S$540.7 million and S$429.3 million, respectively.
Bondholders of Hyflux’s 4.25 per cent Series 008 notes, 4.6 per cent Series 009 notes and 4.2 per cent Series 010 notes, filed claims of S$105.1 million, S$68 million and S$104.6 million, respectively.
A proof of claim worth S$502.6 million was filed by Algeria-based company Tahlyat Myah Magtaa for an engineering, procurement and construction (EPC) contract, and an operations and maintenance (O&M) contract parent guarantee related to Hyflux's Magtaa desalination plant in the North African country.
The Singapore branch of Mizuho Bank is claiming S$183.2 million for a syndicated loan, bilateral loan and project delivery guarantee.
Other claimants include: KFW IPEX-Bank, which is seeking S$145.9 million for a guarantee relating to Hydrochem bilateral loans; DBS, which is claiming S$109.2 million for a syndicated loan and various EPC contract performance bonds; and OCBC and UOB, which are seeking smaller amounts of S$913,815 and S$152,664, respectively.
READ: PUB issues default notice to Hyflux's Tuaspring, says will take over plant if defaults not resolved
About S$120.9 million of claims has been filed by HSBC Institutional Trust Services (Singapore), the trustee of Ascendas REIT, for rent guarantee related to the lease of Hyflux Innovation Centre and the Hyflux Building at Kallang Bahru.
Another landlord ESR REIT also had its trustee, RBC Investor Services Trust Singapore, file claims of S$150 million in relation to the lease of Tuas Hub.
The filing of proofs is a “legislative requirement” for schemes of arrangement, according to Hyflux.
“Anyone with a claim against the company proposing a scheme is required to file a proof of their claim before he or she is entitled to vote on the restructuring proposal at a scheme meeting.”
Hyflux's scheme meeting where creditors will vote on its restructuring plan, will take place on Apr 5.