SINGAPORE (Mar 8): Hyflux International, the debt-laden water company which is undergoing restructuring, has received proofs of claims from 73 creditors and stakeholders totalling $3.51 billion.
This comes ahead of an April 5 meeting for them to vote on the proposed debt rescue plan.
According to Friday’s filing, the biggest proof of $540.7 million claims originated from owners of Hyflux’s $500 million 6% perpetual securities.
The second largest claim at $502.6 million came from project company Tahlyat Myah Magtaa SpA which is seeking payments for an EPC (engineering, procurement and construction) contract and an O&M (operations and maintenance) contract parent guarantee, both of which are related to Hyflux's Magtaa desalination plant located in Algeria.
Owners of Hyflux’s $400 million 8% preference shares came in third, filing claims worth some $429.3 million while Hyflux's medium-term noteholders are also claiming a combined total of $277.7 million.
Among the other claimants, the Singapore branch of Mizuho Bank is claiming $183.2 million for a syndicated loan, bilateral loan and project delivery guarantee; RBC Investor Services Trust Singapore, the trustee of ESR REIT, is claiming $150 million for rent guarantee related to the lease of Tuas Hub; while KfW Ipex-Bank is claiming $145.9 million for a guarantee relating to Hydrochem bilateral loans.
Other claimants include Bangkok Bank, which is claiming $124.1 million for bilateral loans; and HSBC Institutional Trust Services (Singapore) which is claiming $120.9 million for rent guarantee related to the lease of Hyflux Innovation Centre, and the Hyflux Building at Kallang Bahru.
TuasOne is claiming $120.6 million for the EPC contract parent guarantee related to the TuasOne project.
BNP Paribas, acting through its Singapore branch, is claiming $113 million in claims for a syndicated loan, bilateral loan facility and performance guarantee.
DBS Bank is also claiming $109.2 million for a syndicated loan and various EPC contract performance bonds.
See: Hyflux restructuring plans rocked by PUB notice to Tuaspring; ESR-REIT files proofs of claim
