SINGAPORE - Singapore-registered Aqua Munda is extending the deadline for some of Hyflux's creditors to tender their debt buyout offers.
This comes after the embattled water treatment firm's former legal team from WongPartnership applied to discharge itself last week because of "a loss of confidence and other good cause".
In a statement on Monday (Feb 3), Aqua Munda said that the deadline for offers to be tendered will be extended to Feb 22. The original expiry date was Jan 31.
The company has invited some of Hyflux's creditors to tender offers for their debts to be purchased at a minimum discount of 85 per cent.
The offer is open to holders of Hyflux's 4.25 per cent notes due in 2018, 4.6 per cent notes and 4.2 per cent notes due last year, as well as holders of other senior unsecured, trade and contingent debts of Hyflux and three of its subsidiaries.
These creditors are owed some $1.8 billion in total.
Aqua Munda said in its statement that WongPartnership's resignation as Hyflux's counsel and the resulting adjournment of the company's hearing last Wednesday (Jan 29) has "raised significant additional concerns around (Hyflux's) situation".
The firm thus determined that it was appropriate to extend the deadline to allow more time for eligible creditors to tender their offers, Aqua Munda added.
The Singapore-incorporated firm, which states its registered business activities as the "manufacture of water treatment, waste treatment and oilfield chemicals", has committed $208 million to fund the purchase of debts held by Hyflux's creditors.
Hyflux's debt moratorium has been extended until Feb 28.