Hyflux's judicial managers to hold virtual townhall meeting for investors on Jun 18

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SINGAPORE: The judicial managers of Hyflux will hold a virtual townhall meeting at 1pm on Jun 18 for holders of the troubled water treatment firm’s perpetual securities, preference shares and medium-term notes.

An update on the judicial management and a recent decision to apply with the courts to wind up Hyflux will be provided at the meeting, said Borrelli Walsh in a bourse filing on Thursday (Jun 10). 

The judicial managers said on Jun 4 that restructuring of Hyflux is no longer possible following unsuccessful talks with an investor and that the company’s remaining value is “best realised in a liquidation”.

READ: Hyflux’s judicial managers file for liquidation as restructuring ‘not possible’ after failed investor talks

In the latest filing, it said investors who are interested to join the townhall meeting must register by Jun 15, 7pm, at this site: https://septusasia.com/hyflux-vtm-registration/

Those successful with their registration will receive an email by Jun 17.

Holders of perpetual securities and preference shares with queries they wish to be addressed at the townhall may send an email to hyfluxholders@borrelliwalsh.com, while noteholders can send theirs to hyfluxnotes@borrelliwalsh.com.

The deadline to do so is Jun 13, 6pm.

UTICO “UNABLE TO MEET MINIMUM CONDITIONS”

The judicial managers also addressed recent media reports about Middle Eastern utility firm Utico making another offer for Hyflux after the wind-up application.

Hyflux entered into a S$400 million restructuring agreement with Utico in 2019, but the deal later lapsed.

READ: From making waves to drowning in red ink: Hyflux, Tuaspring and how a business giant came undone

A Business Times article on Monday quoted Utico’s CEO as saying that he had reached out to the judicial managers with a deal, and that “liquidation should be the last option”.

Borrelli Walsh confirmed this in the bourse filing, noting that Utico had contacted them after its application with the courts to wind up Hyflux.

It added that it had earlier terminated discussions with Utico as the Middle Eastern firm “was unable to meet the conditions required” for it to consider any offer.

“Utico remains unable to meet the minimum conditions required by the judicial managers and Utico’s recent contact and the associated press reports have no impact on the winding up application,” the judicial managers said.