Unsecured working group of bank lenders to get deadline extension to put Hyflux under JM

AILING water-treatment company Hyflux announced on Tuesday after trading hours that the Singapore High Court has extended the deadline for the unsecured working group of bank lenders to file the application for a judicial management order from Aug 7 to Aug 12.

The unsecured working group of banks - Mizuho, Bangkok Bank, BNP Paribas, CTBC Bank, KfW, Korea Development Bank and Standard Chartered Bank - was given the nod by the courts to carve their respective shares of debt from Hyflux's debt moratorium. The group had argued that it could no longer trust Hyflux's management to lead any restructuring effort.

Hyflux has until 5pm on Aug 30 to accept a proposed rescue deal by Middle Eastern utility firm Utico, which remains open for acceptance, whether or not a judicial manager is appointed.