SINGAPORE: Singapore water treatment firm Hyflux on Monday (May 28) said that a hearing with respect to its application to commence a court-supervised process to reorganise its debt has been scheduled for Jun 19.
This was announced by the firm in a statement to the Singapore Exchange (SGX). The firm said it has appointed WongPartnership as its legal advisers and Ernst & Young Solutions as its financial advisers.
It comes after the embattled firm announced last week that it had applied to the High Court to commence a court-supervised process to reorganise its liabilities and businesses.
Hyflux did not make payment of the distribution on its S$500 million, 6 per cent perpetual securities, which was due on Monday - as previously announced.
Hyflux - which halted trading on May 21 - has seen its share price plunge 44 per cent so far this year. It closed at S$0.21 on May 18 before it halted trading ahead of its announcement last week, compared with S$0.375 at the end of 2017.
The company blamed “prolonged weakness” in the local power market for its financial woes, which has led to “short-term liquidity constraints in recent weeks”.