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Court to hear Hyflux unit's application for debt moratorium on July 6

HYFLUX said on Thursday that its subsidiary, Tuaspring, will have its application for a debt moratorium heard at the Supreme Court of Singapore on July 6 at 2.30 pm.

Tuaspring is seeking a stay on creditor claims under Section 210(10) of Singapore’s Companies Act, in order to facilitate a court-supervised restructuring process.

Tuaspring has a total bank debt of S$518.4 million. This owed to Maybank under a project financing loan, secured by the Tuaspring integrated water and power project.

Earlier on Tuesday, Hyflux and four of its subsidiaries were granted a six-month reprieve from creditors by a Singapore court. Tuaspring was excluded from this application.

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Hyflux and those of its subsidiaries already under a moratorium (excluding Tuaspring) had a cash balance of S$18.6 million as at June 4.

Hyflux clarified on Thursday that this sum excludes amounts deposited in debt service reserve accounts as required by its project finance lenders, cash that is stashed in fixed deposit accounts (over which there is no charge) as required by the banks issuing/renewing performance bonds, as well as amounts in overseas jurisdictions.

Hyflux did not say what its cash position would be if these other deposits were to be taken into account.

Hyflux is also in discussions with the project finance lenders of the TuasOne waste-to-energy project and the Qurayyat integrated water project regarding access to funding to enable the completion of construction of these projects, it said.