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Company extends deadline for Hyflux's creditors

Company extends deadline for Hyflux's creditors

Source: Straits Times
Article Date: 04 Feb 2020
Author: Choo Yun Ting

Aqua Munda said WongPartnership's resignation as Hyflux's counsel and the resulting adjournment of the company's hearing on Jan 29 have "raised significant additional concerns around (Hyflux's) situation".

Singapore-registered Aqua Munda is extending the deadline for some of Hyflux's creditors to tender their debt buyout offers.

This comes after the embattled water treatment firm's former legal team from WongPartnership applied to discharge itself last week because of "a loss of confidence and other good cause". Hyflux then appointed Clifford Chance and Cavenagh Law as its legal advisers.

In a statement yesterday, Aqua Munda said the deadline for offers to be tendered will be extended to Feb 22. The original expiry date was Jan 31.

The company has invited some creditors to tender offers for their debts to be purchased at a minimum discount of 85 per cent.

The offer is open to holders of Hyflux's 4.25 per cent notes due in 2018, 4.6 per cent notes and 4.2 per cent notes due last year, as well as holders of other senior unsecured, trade and contingent debts of Hyflux and three of its subsidiaries. These creditors are owed some $1.8 billion in total.

Aqua Munda said WongPartnership's resignation as Hyflux's counsel and the resulting adjournment of the company's hearing on Jan 29 have "raised significant additional concerns around (Hyflux's) situation".

The firm thus determined that it was appropriate to extend the deadline to allow more time for eligible creditors to tender their offers, Aqua Munda added.

The Singapore-incorporated firm, which states its registered business activities as the "manufacture of water treatment, waste treatment and oilfield chemicals", has committed $208 million to fund the purchase of debts held by Hyflux's creditors.

Hyflux's debt moratorium has been extended until Feb 28.

Source: Straits Times © Singapore Press Holdings Ltd. Permission required for reproduction.

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