Hyflux creditors to file proofs of claim by Feb 5

TROUBLED water treatment firm Hyflux on Thursday called for its creditors to file proofs setting out their claims for the purpose of the scheme meetings to vote on the Utico plan.

Parties who have claims against Hyflux Ltd, Hyflux Engineering, Hyflux Membrane Manufacturing (S) and Hydrochem (S) are to file by 5pm on Feb 5.

The proofs will form a basis for the creditors - which include bank lenders and trade creditors - to vote on the scheme proposals and to receive payments.

However, holders of the company's notes, perpetual securities and preference shares (PnP) are not required to file any proof.

This is because the notes and PnP holdings are recorded in the Central Depository Pte Ltd (CDP), and Hyflux will seek the Singapore High Court's leave to file a proof on the holders' behalf based on those records.

The date of the meetings, to be held in March, will be announced once ordered by the court.

Creditors including the PnP investors and noteholders will vote to approve or reject Middle Eastern utility firm Utico's proposed rescue deal at the scheme meetings.

Separately, Aqua Munda is also inviting Hyflux noteholders and unsecured creditors to offer their debts for purchase at a minimum discount of 85 per cent. The invitation from the Singapore-registered company expires on Jan 23.

The proposed chairman for the upcoming Hyflux scheme meetings is either Angela Ee Meng Yen or Glenn Peter, who are both partners at Ernst & Young Solutions.

The debt-laden water firm owes S$900 million in PnP principal value to some 34,000 mom-and-pop investors. Also outstanding are the company's S$100 million, 4.25 per cent notes due in 2018, the S$65 million, 4.6 per cent notes due in 2019, and S$100 million 4.2 per cent notes due in 2019.

In March last year, when the rescue package from Indonesian investment group Salim-Medco was still on the table, 73 parties had filed proofs of claim amounting to S$3.51 billion ahead of scheme meetings scheduled for April 2019.

Back then, the retail PnP investors filed for some of the largest claim amounts. Holders of the S$500 million, 6 per cent perps filed claims worth S$540.7 million, while holders of the S$400 million, 8 per cent preference shares filed claims of S$429.3 million. The medium-term noteholders were also claiming a combined S$277.7 million.

Claimants among the other creditors included project company Tahlyat Myah Magtaa SpA, the Singapore branch of Mizuho Ban, KfW Ipex-Bank, ESR-Reit, Ascendas Reit, and DBS Bank.