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Author Topic: Hyflux to meet lenders this week to discuss financial woes, in preliminary talks  (Read 2020 times)
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eUoNyM~ ๑۩۞۩๑
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« on: June 05, 2018, 12:37:27 AM »

04 Jun 2018 07:39PM (Updated: 04 Jun 2018 07:40PM)

SINGAPORE: Embattled Singapore water treatment firm Hyflux said on Monday (Jun 4) it will be meeting with banks this week to discuss its debts and ongoing reorganisation process, after various obligations owed to lenders and creditors fell through.

In an update to the Singapore Exchange (SGX), Hyflux also said that it is in preliminary discussions with interested financiers for funding.

The company announced last month that it had applied to the High Court to commence a court-supervised process to reorganise its liabilities and businesses, and a court hearing has been scheduled for Jun 19.

Since the announcement, Hyflux has received "letters of demand, letters notifying of default(s), notices of acceleration of facilities, and reservation of rights letters from various counterparties, including its financial lenders", it said in the update on Monday.

"The group also has various obligations owed to financial lenders and trade creditors that have fallen due and will fall due from time to time," it added.

The group will be meeting with its bank lenders this week, along with advisors, "to discuss these issues and the reorganisation process", Hyflux said, adding that it will continue to work with key stakeholders and advisors on the reorganisation process.

"NO CERTAINTY" OF DEFINITIVE AGREEMENTS

Hyflux also said in the update that it it has been working to stabilise the company and is taking steps towards improving its short-term liquidity constraints and other strains on its finances.

"The relevant stakeholders are being engaged on steps to be taken to ensure that ongoing projects are completed as scheduled so that the milestone payments are received, which would improve the financial position of the group," it said.

At the same time, the company added, it has also been in "preliminary discussions" with interested financiers to obtain funding.

However, it cautioned that there was no certainty or assurance that the ongoing discussions would result in any definitive agreements.

"The company will make the appropriate announcements as and when there are any material updates or developments," it said.

Hyflux - which halted trading on May 21 - has seen its share price plunge 44 per cent so far this year. It closed at S$0.21 on May 18, compared with S$0.375 at the end of 2017.

The company blamed “prolonged weakness” in the local power market for its financial woes, which has led to “short-term liquidity constraints in recent weeks”.

Source: CNA/mz
Read more at https://www.channelnewsasia.com/news/singapore/hyflux-to-meet-lenders-this-week-to-discuss-financial-woes-in-10369302
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eUoNyM~ ๑۩۞۩๑
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« Reply #1 on: June 05, 2018, 12:37:44 AM »

u still holding on their shares?
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« Reply #2 on: June 05, 2018, 08:54:05 AM »

run fast good world 
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eUoNyM~ ๑۩۞۩๑
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« Reply #3 on: June 05, 2018, 05:00:53 PM »

run fast good world 
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