Hyflux creditors to file proofs of claim by new March 11 deadline

Published Fri, Feb 28, 2020 · 02:47 AM

TROUBLED water treatment firm Hyflux has extended the deadline for its creditors to file proofs setting out their claims for the purpose of the scheme meeting to vote on the Utico rescue deal.

Creditors who have claims against Hyflux Ltd, Hyflux Engineering, Hyflux Membrane Manufacturing (S) and Hydrochem (S) are to file by 5pm on March 11.

A day before that, on March 10, there will be a court hearing when Hyflux's new lawyers Clifford Chance will apply for leave to convene the scheme meeting.

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, and Hyflux will seek the Singapore High Court's leave to file a proof on the holders' behalf based on those records.