SINGAPORE: Embattled Hyflux said on Wednesday (Apr 8) that it has applied to the Singapore High Court to postpone its scheme meetings scheduled ...
The debt-stricken water treatment firm, which is the midst of a court-supervised debt restructuring, filed the “urgent applications” to the local courts on Tuesday, it said in a bourse filing.” measures – which require all non-essential services and schools to be closed until May 4 – have made it “impossible ... to physically convene the scheme meetings on Apr 22 and 23 as originally intended, and, as required under the present statutory regime”.
“To the extent that the Singapore Government legislates alternative arrangements for the convening of meetings, the company will require additional time to prepare and organise the scheme meetings,” it said.Accordingly, it has applied to “vary the present timelines to convene the scheme meetings and to extend the existing moratorium until Jul 30 or until further order”.
. If the scheme goes through with a majority vote from creditors, the Court will sanction the scheme on Apr 30.Hyflux said in its bourse filing that it will provide an update on the outcome of its applications and any further material developments “as soon as it is able to do so”.
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