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Hyflux gets a court agreement to hold scheme meetings for creditors to vote on a rescue plan

SINGAPORE: Hyflux's water handling company and three of its subsidiaries on Thursday (February 21) received the shift from the Singapore High Court to hold scheme meetings in early April so that creditors could vote on their re- their structure.

There will be two creditor class – highest creditors and subdivision debtors – who first voted on April 5, & # 39; possibly through different meetings on the same day.

Highly unrelated creditors include banks and medium-term owners. The last one describes his & # 39; a large group of 34,000 permanent security investors and choice owners, who were merged to vote as one class.

The three subsidiary companies have business-based business-making decisions April 8.

In order to surrender, the scheme must be agreed with at least 50 per cent in the number and 75 per cent in the value of each class of creditors present at those meetings.

The Thursday court also launched mom-and-pop investors who keep Hyflux's securities through advocates or guardians to personally throw their votes at the scheme meetings, and to count on both and their value.

Under the law and as shown in the debt restructuring case that is; including a Singapore based outdoor services company, Swiber Holdings, those with investors through nominees do not attend credit meetings and must be represented by the applicants no.

An applicant can only be counted as one vote, regardless of the number of investors he represents.

Hyflux allows for the scheme meetings and an explanatory statement of its financial restructuring scheme in the coming days.

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The clock struggles down on Hyflux to settle its financial affairs. Although his debt is only due to end at the end of April, he must be right enough by a majority of creditors and another court agreement by 16 April before the $ 530 million line of life comes from co- Indonesian partnership.

If the reconciliation scheme is possible, suggesting credit support, and Hyflux may be "convicted" who can "be brutally brutal," said his legal advisor from WongPartnership to " court.

In a situation, unreliable creditors can expect rehabilitation rates of about 3.8 to 8.7 per cent, but may not be available to those who are invalid. maintaining sustainable trips and option sections ".

However, it is still clear that the Hyflux restructuring proposal can make the votes available for a second chance.

Rehabilitation rates of 10.7 per cent and 24.5 per cent for its subordinated debtors and unsuccessful creditors, individually, have been comfortable and comfortable for a lot and so Some retail investors say that b & # 39; They would like to see Hyflux released or petitioned for contracting proposals Post-

During the hearing, Abdullah's Aedit Justice stated that he had received a letter and email from Madam Loo Leong Hun, permanent security of security and choice components.

Mdm Loo, who has been given her concerns in court, said that sales retailers are willing to donate or include "low installments", as well as to & # 39; Considering "Declaration of Capital Reimbursements or Capital Abstraction to Hyflux Fees Better Days".

She urged her court to accept her. This recommendation, and said "investors' eyes" to investors how to win the hard savings.

"We understand what Hyflux is going through. We have been told that the customer is not required for any debts, so we have made a decision," she said. .

"I want to identify that this is required on the proposal, this does not require contracting obligations to maintain capital or to pay for interest, so it's not a debt; and is classified in equity as equity.

"Our rating equals fairness, so do owners need the option to defray it?"

Hyflux Singapore

(Photo: Jeremy Long)

She also mentioned the company's annual report in 2017, which stated that there were no certificates of certainty; falls under the financial liability because it does not pay "the risky responsibility of its principal or pay".

"So why do we need to help you out of the balance sheet? We're an indirect and not a poisonous debt in Hyflux," she said.

Mdm Loo also said that many of the old people are among those who have lent money to Hyflux. She mentioned the 86-year-old appointee who was responsible for deductions from her investments for daily expenses.

"Now (with issues of movement) it is not possible for her to work and to restore her ultimate goal," said Mdm Loo.

"There are many more like it out there. The new scheme that influences Hyflux affects many of Singapore's".

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Justice Aedit said he was recognizing the circumstances as "something unfortunate" but his job to listen Thursday is "relatively limited" to assess whether Hyflux's demand for scheme meetings is to be achieved. ; meet minimum requirements.

"I do not have a job to submit a suggestion. It must come from all the creditors," said the judge.

He said he gave copies of the Mdm Loo letter to Hyflux legal advisers and other agencies. To that end, WongPartnership lawyer Manoj Sandrasegara said he would forward the letter to the Hyflux and SM Investments board.

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