Hyflux wins a month’s extension on sale of Tuaspring plant

Hyflux has secured an extension on its deadline to sell Tuaspring desalination and power plant.

The company has until 29 November 2018 to sign a binding agreement on a deal, after secured creditor Maybank approved an extension. The original deadline was 29 October 2018.

The sale will require further approval by Singapore Public Utilities Board (PUB), and possibly Singapore High Court, by 11 December 2018. Shareholder approval is needed by 4 February 2019.

Additionally, Hyflux is applying for a four-month extension to the original six-month moratorium on creditor actions that was granted by Singapore High Court in June 2018, and which expires on 18 December 2018. The company has until 15 November 2018 to file for the extension.

Further, the court will hear a case for Hyflux to receive rescue financing on 26 November 2018.

The story so far

Hyflux to sell controlling stake for $290 million (October 2018)

Sembcorp’s solitary offer for Tuaspring falls short of book value (October 2018)

Hyflux applies to High Court for moratorium on action against subsidiaries (May 2018)