Hearings for moratorium of Hyflux's Tuaspring to start on 6 July

The court previously granted the moratorium to four Hyflux subsidiaries.

Hyflux said the hearing of its subsidiary Tuaspring’s request for a moratorium regarding the reorganisation of its assets will be held on 6 July.

In an announcement, it made clarifications to reports and said multiple possible solutions are being considered by the group as part of the court-supervised reorganisation process. “The process is dynamic and constantly evolving, and no firm decisions have been made in respect of any course of action,” it added.

Hyflux secured a six-month moratorium for its four other subsidiaries from creditors’ legal proceedings and rescue financing of $200m to help it mend debt issues and restructure assets brought about by its cash crunch.

Hyflux also made clarifications to details in other reports on its five subsidiaries that applied for the moratorium: Hydrochem, Hyflux Engineering, Hyflux Membrane Manufacturing, Hyflux Innovation Centre, and Tuaspring.

Their cash balance of $18.6m refers only to the amount that is readily available to the applicants and not Hyflux as a whole, the firm said. They also do not take into account for amounts deposited in debt service reserve accounts as required by the project finance lenders or in fixed deposit accounts.

“The company wishes to caution that such statements may be speculative in nature, may not have been presented in its complete or accurate context, and may not reflect the current state of affairs, and accordingly, limited or no reliance should be placed on such statements,” it said.

Hyflux also clarified that it is currently in talks with the project finance lenders of the TuasOne Waste-to-Energy (WTE) Project and the Qurayyat Integrated Water Project (IWP) about access to funding to enable the completion of construction of these projects.

“The group is currently exploring multiple possible solutions as part of the court-supervised reorganisation process, including but not limited to rescue financing and the seeking of suitable investors, and will provide an update when a firm proposal has been formulated,” it added.

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