Hyflux admits $2.81b of claims after adjudication

It rejected a $502.61m claim for the Magtaa desalination plant in Algeria.

Hyflux has admitted $2.81b of claims out the $3.59b filed by 74 claimants after adjudication, it revealed in an announcement. It was revealed on 8 March that 73 claimants filed proofs of claim worth $3.51b.

Some of the admitted claims include facilities claims, contingent claims, trade & other claims, notes claims, debt securities claims, and subordinated claims. The claims will be considered for the company’s debt restructuring plan.

Hyflux admitted the $970m in claims of the holders of preference shares and perpetual securities and the $277.7m by the holders of medium-term notes.

Meanwhile, it rejected the full claim of Tahlyat Myah Magtaa S.p.A. worth $502.61m for the engineering, procurement, & construction (EPC) and operation & management (O&M) contact parent guarantees in respect of the Magtaa desalination plant in Algeria.

Also read: Ascendas REIT and ESR-REIT could suffer short-term pains from Hyflux troubles

It also turned down $79.55m of the $120.93m claim made by HSBC Singapore, as trustee of Ascendas REIT, for the rent guarantee in respect of the lease of Hyflux Innovation Centre and Hyflux Building at Kallang Bahru.

Hyflux also rejected $66.73m of the $150.05m claim made by RBC Investor Services Trust Singapore, as trustee of ESR-REIT, for the rent guarantee in respect of the lease of Tuas Hub.

Almiyah Attilemcania S.p.A. will only get $38.08m of its claim worth $82.50m for an EPC contract project guarantee in respect of the Tlemcen Project in Algeria.

Scheme meetings for creditors will be held on 5 April 2019.