Hyflux is under intense pressure from creditors, including some 34,000 individuals who are looking to recover about $900 million in investments. The company is weighed down by a debt load of $2.95 billion, and faces possible probes by regulators into its stock market-related disclosures, as well as its compliance with accounting and auditing standards.
SINGAPORE (June 3): Embattled water treatment company Hyflux has won yet another reprieve, albeit a brief one, as its debt moratorium has been extended to Aug 2. The company had applied to the courts for a four-month extension on the moratorium, which was due to expire on May 29.
“I will be amenable, if progress continues to be made, to a further two-month extension,” said Judge Aedit Abdullah on May 29, referring to a further extension of the protection beyond Aug 2.
