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, 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.