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Ascendas Reit 'not presently proceeding' with Hyflux moratorium carve-out request
ASCENDAS Real Estate Investment Trust (Ascendas Reit) has informed the Singapore High Court that it is "not presently proceeding" with its application to be carved out of Hyflux's debt moratorium, the troubled water treatment firm said on Thursday night.
Hyflux's update followed a pre-trial conference in the morning, which saw the High Court setting out some revised dates for parties to file and serve affidavits and any submissions ahead of the July 27 hearing.
On July 27, Justice Aedit Abdullah will hear the applications by an unsecured working group (UWG) of banks and by ESR-Reit to be carved out of the moratorium. The UWG comprises Mizuho, KfW, Bangkok Bank, BNP Paribas, Standard Chartered Bank, CTBC Bank and Korea Development Bank.
According to Hyflux's update on Thursday, the court has directed Hyflux and other creditors, if any, to file and serve their unredacted substantive reply affidavits on the UWG's application by July 11. Hyflux must also file and serve its unredacted substantive reply affidavit on ESR-Reit by that date.
By July 12, Hyflux and other creditors, if any, are to serve their redacted substantive reply affidavits on the creditors and other interested parties.
ESR-Reit and the UWG will file and serve their respective unredacted response affidavits by July 21.
If a carve-out is approved, the UWG plans to file an application to appoint judicial managers to oversee Hyflux in place of the present management.
Hyflux's debt moratorium has been extended till July 30.