The rescue deal that Hyflux intends to put to a creditors' vote on April 5 does not have the endorsement of Salim-Medco, the Indonesian investor group led by billionaire Anthoni Salim reiterated on Thursday.THE rescue deal that Hyflux intends to put to a creditors' vote on April 5 does not have the endorsement of Salim-Medco, the Indonesian investor group led by billionaire Anthoni Salim reiterated on Thursday.
"In light of the new material information disclosed to SMI, it has been reviewing the allocation of the investment for the working capital requirements of the Hyflux group. This will in turn affect the amount available for settlement to creditors." In contrast, Hyflux said on Tuesday that the S$271 million it plans to carve out from SMI's potential cash injection to settle its debts with creditors was agreed upon by SMI prior to the publication of the schemes on Feb 16.
The spokesman added:"In the latest correspondence received from SMI yesterday, SMI stated that they will comply with the terms of the restructuring agreement and expect Hyflux to do so the same... Hyflux will be seeking a direct answer from SMI as to whether they will call off the deal regardless of the differing legal positions of the parties."In any case, Hyflux has maintained that it will proceed with the scheme meetings as planned.
SMI has taken the position that PUB's default notice constitutes a"prescribed occurrence" that allows it to call off the rescue deal.
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