Aqua Munda extends submission of bids for Hyflux's creditors to 22 February

The resignation of WongPartnership as Hyflux’s counsel prompted the extension.

Aqua Munda has further extended the deadline for submission of bids for Hyflux’s creditors from 31 January to 22 February, according to a press release. The acceptance deadline has also been revised to 24 April.

The deadline for interested foreign noteholders to provide an address in Singapore was also moved from 27 January to 14 February.

The extension was prompted by the resignation of WongPartnership as the beleaguered water treatment firm’s counsel, which was noted to have raised more concerns around the company’s situation, particularly amongst its creditors.

Also read: Hyflux appoints Clifford Chance and Cavenagh Law as legal advisors

“Given that this is expected to lead to a greater interest in a simpler, faster and more timely cash-only exit, Aqua Munda has determined that it would be appropriate to allow more time for Eligible Creditors to submit their Tender Application Forms,” Aqua Munda said.

The investor sent an invitation memorandum on 27 December 2019, inviting holders or beneficial owners and creditors holding Hyflux’s debts to tender it for purchase by Aqua Munda. The deadline was previously extended from 23 January.