Hyflux's hearing for court protection application scheduled on June 19
HYFLUX announced late on Monday that a hearing in respect of its application to commence a court-supervised process to reorganise its liabilities and businesses is scheduled on June 19 at 10am in Singapore's High Court.
Hyflux and five of its subsidiaries - Hydrochem (S), Hyflux Engineering, Hyflux Membrane Manufacturing (S), Hyflux Innovation Centre and Tuaspring - filed the court application. The firm has appointed WongPartnership as its legal advisers.
With the court application, Hyflux will be looking to stave off the repayment of liabilities and free up cash flows to pay critical suppliers and creditors to carry on two projects in Oman and Singapore.
The firm is also seeking more time to divest its Tuaspring project in Singapore and the Tianjin Dagang plant in China. The divestment has taken longer than hoped to materialise, which has added further stress to cash flows.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Cordlife directors offer differing views on future oversight if board is rejigged
Tesla lays off more staff in software, service teams, Electrek reports
Robinhood Crypto gets Wells notice from US SEC
Morgan Stanley strategists see inflation as key for path of US stocks
US: Wall Street opens higher as rate-cut hopes linger
Tyson raises outlook as lower costs boost chicken segment