Hyflux given another month to find buyer for Tuaspring in third deadline extension

Hyflux given another month to find buyer for Tuaspring in third deadline extension

Hyflux's Tuaspring IWPP
The Tuaspring Integrated Water and Power Plant. (Photo: Hyflux)

SINGAPORE: Troubled water treatment firm Hyflux has been given a deadline extension for the third time to find a buyer and ink a binding agreement for the divestment of its Tuaspring plant.

In an afternoon filing to the Singapore Exchange (SGX) on Tuesday (Dec 4), Hyflux said it now has one more month with the new deadline being up to and including Dec 28, provided that the terms of agreement with secured lender Maybank continue to apply in the meantime.

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

READ: Hyflux’s Tuaspring plant: The ‘noose around the neck’ that needs to be sold, but can it be done?

Hyflux, which is undergoing a court-supervised debt restructuring, was first given until Oct 15 to secure a buyer for the Tuaspring Integrated Water and Power Plant. 

It later secured a two-week extension until Oct 29, followed by a second postponement to Nov 29. The latest announcement marks the third time Maybank is granting a delay in the deadline. 

READ: Hyflux applies for court supervision to reorganise liabilities, businesses

Hyflux, seen as one of Singapore’s most successful business stories but which has since fallen from grace, was given the green light last week by the Singapore High Court to extend an ongoing moratorium by four-and-a-half-months to Apr 30 next year. 

The debt moratorium, which gives the company a reprieve from creditors, was originally set to expire on Dec 18

Source: CNA/sk(cy)