Hyflux gets second deadline extension for sale of Tuaspring plant

Hyflux gets second deadline extension for sale of Tuaspring plant

Hyflux Singapore
Picture of a Hyflux sign. (Photo: Jeremy Long)

SINGAPORE: In a second extension granted by Maybank, beleaguered water treatment firm Hyflux now has until Nov 29 to find a buyer and sign a binding agreement for its Tuaspring Integrated Water and Power Plant.

In a filing to the Singapore Exchange on Thursday (Nov 8) evening, the company said Maybank, its largest secured lender, had granted the deadline extension, "provided that the terms of the agreement ... continue to apply in the meantime". 

This includes Maybank’s right to terminate the collaboration agreement if the new deadline is breached. 

Hyflux was first given until Oct 15 to find a buyer for the Tuaspring plant. It later asked for a two-week extension until Oct 29 and received an in-principle approval from Maybank. 

The company said it will provide further details when the court has given its directions. 

Meanwhile, a separate SGX filing by the company on Wednesday noted that it has been directed by the court to file its application for an extension of its current court-approved moratorium by 12 noon on Nov 15. 

Hyflux’s six-month reprieve is set to expire on Dec 18 and its legal advisors had previously said the company intends to seek a four-month extension.

The company, seen as one of Singapore’s most successful business stories but has since taken a spectacular fall from grace, added that this application, as well as its Nov 2 application for “super priority” rescue financing, will be heard at the Singapore High Court on Nov 26 at 10am.

Source: CNA/sk(ra)