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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.