SINGAPORE: Beleaguered Hyflux has applied to the Singapore High Court for another two-month extension of its debt moratorium.
The applications by Hyflux and three of its subsidiaries, will be heard at a scheduled court hearing on Friday, the company said in a filing to the Singapore Exchange on Wednesday (Nov 27).
AdvertisementAdvertisementThis comes a day after the home-grown water treatment firm confirmed that it has finally entered into a restructuring agreement with United Arab Emirates utility group Utico, which will invest S$400 million and acquire a 95 per cent stake in Hyflux.
[h=3]READ: Hyflux confirms S$400m restructuring deal with UAE’s Utico[/h][h=3]READ: ‘Uneven’ Hyflux-Utico deal to see huge losses for some retail investors, say experts[/h]This marks the firm's seventh application to have its court-sanctioned moratorium extended since embarking on debt restructuring in May 2018. Its current moratorium grants it reprieve from creditors until Dec 2.
AdvertisementAdvertisementExperts who have been watching the fallen water treatment giant’s debt restructuring drag out over the past 18 months generally agreed that the deal is a sign of progress.
But they noted that the long-awaited rescue plan brings mixed news for Hyflux’s massive group of retail investors, as it appears to be more favourable to those with smaller investments.
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