Hyflux has, on June 24, unveiled a list of frequently asked questions (FAQs) in a bid to provide more clarity to its stakeholders.
The list, comprising seven questions, was filed on the Singapore Exchange (SGX) after trading hours.
In the list, Hyflux revealed that the winding up of the company and Hydrochem, which is currently under judicial management, will be heard on July 12.
See: Hyflux to wind up; remaining value 'best realised' in liquidation and Hyflux may get under $200 million in liquidation
An estimated timeline was not provided.
On the possibility of Utico’s offer and putting it to vote before the winding up hearing, Hyflux says the latter was “unable to meet the minimum acceptable conditions” for the company to consider its bid.
“Therefore, it is not possible to pursue a restructuring with Utico,” reads the statement.
See also: Utico's courtship of Hyflux still met with cool response and Utico says Hyflux delaying townhall to give potential rival Pison time
In addition, Hyflux says it is not possible to provide estimated recoveries to unsecured creditors at this point in time as there is still “significant work to be done and issues to be resolved” in respect of the company’s asset sales.
That said, the company adds that its judicial managers, as well as appointed liquidators, will try to complete its asset sales as soon as they can.
Any distributions made from Hyflux and Hydrochem will be made under the Insolvency, Restructuring and Dissolution Act 2018 (Act 40 of 2018), including priority payments under Section 203 of the act.
Any distributions will also be made according to holders’ priority in the capital structure.
Nothing has been revealed yet of the investigations on Hyflux, though the judicial managers say they have already “gathered the information necessary to conduct thorough investigations”.
Finally, Hyflux says its judicial managers currently do not have a working solid proposal that can be put before Hyflux and Hydrochem’s creditors for a vote. This is in response to why holders were not consulted or asked to vote before the filing of the winding up application.
“A proposal for creditors to vote on requires a credible proposal for an investment in the Hyflux Group,” reads the statement.
“As it is not possible to achieve one or more of the objectives of the Judicial Management as described in the Insolvency, Restructuring and Dissolution Act 2018, there is no statement of proposal to be tabled at a meeting with creditors for voting and the judicial managers have applied for the winding-up of the company and Hydrochem.”
Read the entire Hyflux saga here.
Cover photo: Bloomberg
