UTICO has extended the deadline for Hyflux to accept its proposed rescue package by 11/2 months to Oct 15, Hyflux said in a filing to the Singapore Exchange on Wednesday night.
The water treatment company, attaching a letter it received from Utico on Wednesday about the decision, said it should not be taken to be endorsing, confirming or agreeing with Utico and/or any part of the letter. In the letter, Utico noted that Hyflux did not accept its offer by the deadline of 5pm on Aug 30, nor had it requested for an extension. However, shareholders have requested that Utico extend the deadline because they feel Utico's offer is"the only viable restructuring plan for Hyflux and has the highest recovery available".
Utico also referred to an e-mail from Hyflux on Tuesday, which requested that the Emirati utilities group revise or adjust its terms to achieve the best possible outcome for creditors. As a result of these requests, Utico decided to extend the period for acceptance.
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