Hyflux's court hearing for debt reorganisation scheduled for Jun 19

Hyflux's court hearing for debt reorganisation scheduled for Jun 19

Headquarters of Hyflux Singapore on Bendemeer Road
The headquarters of Singapore water treatment firm Hyflux on Bendemeer Road. (Photo: Jeremy Long)

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”. 

Source: CNA/nc(aj)

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