SINGAPORE: Embattled water treatment firm Hyflux is postponing Wednesday's town hall meeting due to the need to secure a “larger venue”, it said in an announcement late on Monday (Mar 11).
The third round of town hall meetings with holders of its notes, perpetual securities and preference shares was originally scheduled to be held at the multi-purpose hall in the Hyflux Innovation Centre along Bendemeer Road.
However, “due to the large number of holders of the securities who have indicated that they wish to attend”, Hyflux said it is "necessary to arrange for a larger venue to conduct this town hall meeting”.
It added that it will announce the date, time and venue of the rescheduled town hall meeting “as soon as possible”.
Since announcing its restructuring plan last month, Hyflux has had to grapple with rising unhappiness from its disgruntled mom-and-pop investors.
Responding to an alternative proposal from the Securities Investors Association Singapore (SIAS), it said last week that it would amend its restructuring scheme to give minority stakeholders of its perpetual securities and preference shares better recovery rates.
Hyflux's do-or-die scheme meeting, where creditors will vote on its restructuring plan, is set for Apr 5.