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Hyflux scheme meetings to take place on April 22 and 23

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Next month, creditors will vote on the proposed schemes of arrangement based on Utico’s rescue package for troubled water treatment firm Hyflux and three of its subsidiaries.

NEXT month, creditors will vote on the proposed schemes of arrangement based on Utico’s rescue package for troubled water treatment firm Hyflux and three of its subsidiaries.

All the meetings will take place at the Hyflux Innovation Centre on 80 Bendemeer Road.

For Hyflux, there will be two meetings on April 22. The first will start at 12pm for the unsecured creditors – including banks, noteholders, trade creditors and contingent creditors – and the subordinated scheme parties. The second meeting will be held at 7pm for holders of the perpetual securities and preference shares (PnP).

Hyflux Membrane Manufacturing (S) and Hydrochem (S) will convene their meeting at 10am on April 23. This will be for the two companies’ trade creditors and inter-company creditors.

The final meeting is for Hyflux Engineering, to start at 2pm on April 23, likewise for its trade creditors and inter-company creditors.

If the schemes go through, the High Court of Singapore will sanction them on April 30.

In view of the evolving novel coronavirus situation and the Singapore government’s restrictions on large organised events, Hyflux is “still considering the best approach to holding the scheme meetings”, it said in a bourse filing on Wednesday.

In the event of any further developments, Hyflux will update creditors as soon as practicable.

At a March 10 hearing in the High Court, the judge attempted to get creditors to chip in towards an escrow account to help pay fees for advisers of the PnP holders and noteholders in the event of a liquidation.

Separately, the Securities Investors Association (Singapore) or Sias will conduct its own independent town hall sessions on March 23 for the retail PnP investors. Details will be announced shortly.