HYFLUX wants more time to try to return to solvency, and plans to file an affidavit to the Singapore High Court soon to give it an additional three-month reprieve from creditor claims.
David Gerald, president of the Securities Investors Association , said he was told by Hyflux's advisers in a private meeting on Monday that"there is a credible plan where the senior unsecured creditors, perpetual and preference shareholders will be much better off than in a liquidation". Martin Lee, a perp, pref and ordinary shareholder, said:"While this seems like a positive development, there have been so many twists and turns in this Hyflux saga that I think it is better to wait for details before giving comments on the merits of the new deal."
After Hyflux's planned rescue deal with Indonesia's Salim-Medco conglomerate fell through earlier this month, the company is slated to lose its largest asset, Tuaspring.
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