There, Mr Shetty explained that the various new developments in the last 48 hours - including a new expression of interest from American fund manager Strategic Growth Investments on Monday - had led to his request.
He referred to numbers detailed in its affidavit that showed how"powerless" a state Hyflux is in."There is no more time," he said."They are diminishing the chances of a successful JM ... This is nothing more than a cynical attempt to reduce the ability of any JM to be able to do his work." There are currently three offers on the table. In the latest from SGI, the fund manager will invest at least S$204.8 million, if it progresses. Senior unsecured creditors will get the lion's share of S$97 million, trade creditors S$15.8 million, and the perpetual securities and preference shares investors S$32 million - all on a pro-rata basis.
No other creditors objected to an adjournment, although a few hoped for a shorter extension as Hyflux's restructuring process has already dragged on for more than two years.
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