It is also hit by new claims worth $47.96m.
Hyflux and its subsidiaries Hyflux Engineering, Hyflux Membrane Manufacturing, and Hydrochem have applied to extend their moratorium for three more months, an announcement revealed. This moratorium protects the utility firm from being sued by creditors.
Meanwhile, Hyflux said in the same announcement that it got a notice from the Arab Banking Corporation (Bank ABC) on a counter-guarantee facility between Bank ABC, Hydrochem, and Hyflux. The project company for Magtaa Project, Tahlyat Myah Magtaa SpA (TMM), filed for a claim worth $6.29m (US$8.53m).
Hyflux is also hit by a $41.67m (US$56.50m) claim made by TMM in respect of a separate performance bond issued by BNP Paribas El Djazaïr (BNP Paribas). However, BNP Paribas has not issued any legal notices in relation to this claim.
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