JUSTICE Aedit Abdullah has granted Hyflux a one-month extension of its debts moratorium to May 24.
Arguments for further extensions can be made either on May 7 or 13. Carve-out arguments put forth by some creditors seeking judicial management will be heard on May 7. If approved, the JM hearing will on May 13. Hyflux had asked for three months but the judge said that the moratorium under section 211B is meant to give a company “breathing space” and not for it to “continue indefinitely”.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hyflux applies for 3-month debt moratorium extension, hit with fresh US$65m in claimsHYFLUX and three of its subsidiaries have applied to the Singapore High Court for an additional three-month reprieve from its creditors as it works on another plan to avoid liquidation, it announced in an exchange filing on Tuesday. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Hyflux to ask court for further 3-month reprieve from creditorsHYFLUX wants more time to try to return to solvency and plans to file an affidavit to the Singapore High Court soon to give it an additional three-month reprieve from creditor claims. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Hyflux receives letter of intent for S$400m investment; banks to seek judicial managementHYFLUX has received a non-binding letter of intent for a possible S$400 million injection from an owner and developer of water and power utilities based in the Middle East, the troubled water treatment firm said in an exchange filing on Thursday. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Hyflux racing against time in hunt for new white knightEmbattled water desalination company Hyflux, which appointed heavyweight debt restructuring expert nTan this week as its corporate adviser, is in a race against time to find a new buyer, with one week to file for an extension of its debt moratorium.. Read more at straitstimes.com. You know you don't have to quote someone just for the sake of it.
Source: The Straits Times - 🏆 8. / 63 Read more »
Ex-white knight SM Investments sues Hyflux for breaching agreement terms[SINGAPORE] Former white knight SM Investments (SMI) has said it will be suing debt-laden Hyflux for cancelling the S$530 million rescue deal, it said in a statement on Friday (April 19). Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Commentary: Hyflux after the perfect stormOnce a star in the water treatment industry, Hyflux had been struck by a series of unfortunate events and some think its fate is sealed, say NUS ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »