DBS Bank and the Securities Investors' Association or Sias expressed support for a four-month extension. Sias is in contact with many of Hyflux's junior creditors through e-mails, small group and townhall meetings.Once again, Justice Aedit stressed that Hyflux needs to be kept on a tight leash: “I am concerned about giving four months at one go.
A large player in the power sector in Asia is mulling a possible merger with Hyflux, and the other potential investors are a foreign investment fund that invests in distressed companies, a major nuclear and civil engineering contractor based in Asia, as well as a major waste treatment company based in Asia.
These figures were sealed from the public, though Mr Sandrasegara revealed that Hyflux's monthly running costs have fallen by 60 per cent since March last year. Part of the reduction comes from employee attrition and the company giving up its premises, he said. On Wednesday, Mr Sandrasegara also addressed the question of why Hyflux needs two financial advisers.
While EY plugs these operational cracks, nTan is driving the restructuring process forward by bringing with it fresh investor networks, he explained.