Hyflux postpones Wednesday's meeting over space issues

BELEAGUERED water treatment company Hyflux has called off Wednesday's town hall meeting on its restructuring, citing space constraints at the original venue, in an announcement late on Monday night.

The third round of meetings, for holders of its notes, perpetual securities and preference shares, was to have been held at its Hyflux Innovation Centre in Bendemeer Road on March 13 at 7pm.

But "due to the large number of holders of the securities who have indicated that they wish to attend, the company considers it necessary to arrange for a larger venue to conduct this town hall meeting", Hyflux has now said, in an update to its Feb 27 announcement.

It added that it will announce the new time and venue of the meeting "as soon as possible".

Hyflux recently unveiled plans to tweak its debt restructuring scheme and give disgruntled retail perp and pref holders a higher recovery rate on their original investments, after they pointed accusing fingers at the minimum recovery rate promised to senior unsecured creditors.

Ahead of a do-or-die creditors' vote between restructuring and liquidation on April 5, retail investors have filed proofs for a hefty share of the S$3.51 billion in claims being made against Hyflux.

Holders of the S$500 million, 6 per cent perpetual securities have filed S$540.7 million of claims, while holders of the S$400 million, 8 per cent preference shares filed claims worth S$429.3 million.

Greater clarity on the sums being claimed is expected after adjudication on Saturday.