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Hyflux scheme meetings to be held in April

Hyflux scheme meetings to be held in April

Source: Straits Times
Article Date: 19 Mar 2020

Creditors to vote on its proposed schemes of arrangement based on Utico's rescue package for the company and three subsidiaries.

Creditors of troubled water treatment firm Hyflux will get to vote next month on its proposed schemes of arrangement based on Utico's rescue package for the company and three subsidiaries.

All the meetings will take place at the Hyflux Innovation Centre at 80 Bendemeer Road.

For Hyflux, there will be two meetings on April 22.

The first will start at noon for unsecured creditors - including banks, note holders, trade creditors and contingent creditors - and the subordinated scheme parties.

The second will be held at 7pm for holders of perpetual securities and preference shares (PnP).

The meeting for Hyflux Membrane Manufacturing (S) and Hydrochem (S) will be held at 10am on April 23, and will be for the two companies' trade creditors and inter-company creditors.

This will be followed by the meeting for Hyflux Engineering at 2pm.

If the schemes go through, the High Court of Singapore will sanction them on April 30.

In view of the coronavirus situation and the Singapore Government's restrictions on large organised events, Hyflux is "still considering the best approach to holding the scheme meetings", it said in a bourse filing yesterday.

The Securities Investors Association (Singapore) will conduct its own townhall sessions on March 23 for the retail PnP investors.

THE BUSINESS TIMES

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

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