Hyflux asks for postponement of scheme meetings, extension of moratorium

HYFLUX on Tuesday filed urgent applications in the High Court to postpone the scheme meetings scheduled to take place on April 22 and 23, in view of the enhanced measures by the Singapore government to battle the Covid-19 outbreak.

The company is also requesting an extension of its moratorium from April 30, 2020, to July 30, 2020 or until further order.

Creditors were scheduled to vote on proposed schemes of arrangement later this month, based on Utico's rescue package for the troubled water-treatment firm and three of its subsidiaries.

But Hyflux on Wednesday said that it has become "impossible" for the company to physically convene the scheme meetings as originally intended, and as required under the present statutory regime. Unless the government legislates alternative arrangements for the convening of meetings, it will need more time to prepare for and organise them, it said.