Hyflux to seek more time to put restructuring plan to creditors' vote by April

HYFLUX is likely to seek another four months of reprieve from creditors before its current court-approved debt moratorium expires on Dec 18.

If granted more time, the insolvent water project developer hopes to reach a deal with its creditors via a court-sanctioned scheme of arrangement by April next year, a Singapore High Court heard on Wednesday during an interim update on the restructuring.

WongPartnership lawyer Manoj Sandrasegara, who represents Hyflux, added that the company intends to file an application for super priority for rescue financing under Section 211E of the Companies Act by Thursday. Hyflux announced on Oct 19 that it had found a "strategic investor" in SM Investments, a consortium between Salim Group and Medco Group.