HYFLUX will have its debt moratorium extended by one more month to May 24, though High Court Justice Aedit Abdullah stressed that he wants the company kept on a “short leash”.HYFLUX will have its debt moratorium extended by one more month to May 24, though High Court Justice Aedit Abdullah stressed that he wants the company kept on a “short leash”. Hyflux has been in restructuring limbo for almost a year now.
Hyflux declined to name the mystery investor, describing it only as a developer and owner of water and power utilities in the Middle East: “Discussions with this party are based on a possible injection of S$400 million to be used for equity and working capital purposes and possible urgent interim funding.”
Justice Aedit observed that Hyflux had come to court on Thursday without an investor, despite his instruction that it would have to show a “concrete” plan. Mr Aedit replied: “So does Kodak, and Toys‘R’Us... If it goes on and on... I do not think that the 211B mechanism is intended to last for that long.”
If a carve-out is approved, these banks plan to file an application to appoint judicial managers over Hyflux and Hydrochem to replace the present Hyflux management. A JM would also face difficulties taking control of assets in foreign jurisdictions, unless assistance and support is rendered by management, he explained.
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