Hyflux gets another debt moratorium extension to 2 August

It has yet to accept and enter into binding agreements with potential investors.

Embattled water treatment firm Hyflux received yet another reprieve after the Court granted an extension of its debt moratorium from 29 May to 2 August, a filing with the Singapore Exchange (SGX) revealed.

The extension is subject to the firm’s ongoing weekly meetings with creditor representatives and updates on the running costs of the restructuring on a monthly basis, as well as an update on the restructuring schedule for 29 June.

Hyflux first applied for a moratorium extension in April, which was granted by the court and pushed back to 24 May, before being extended again to 29 May, after efforts by seven unsecured banks to put the firm and its subsidiary Hydrochem under judicial management as part of the Companies Act were blocked.

The water firm is in talks with potential white knights such as Middle Eastern private full service utility and developer Utico, which expressed intent over a possible $400m worth of investment, although Hyflux has yet to accept or enter into any binding agreements.

The next court hearing has been scheduled for 2 August at 2:30 p.m.