The High Court has adjourned Hyflux's leave application to convene its scheme meeting to March 10.
The firm's lawyers will have until that date to tell the court which groups of creditors are likely to oppose the scheme.
Its debt moratorium will also be extended to April 30.
Clifford Chance Asia, which takes over from WongPartnership in representing the embattled water treatment firm, noted the tight timeline it is working within to meet the deadline of May 26.
The parties must meet all key conditions by then to complete white knight Utico's investment.
One of the outstanding issues concerns the professional adviser fees.
Clifford Chance Asia lawyer Nish Shetty said Utico had indicated that the amount it is willing to put into the pot could be $50 million instead of the original $40 million, in which case the advisers could be paid "pretty much in full".
Utico had previously said it would raise the pot for adviser fees to $50 million if it receives support from all advisers for the scheme and the restructuring agreement.
But it would shrink it to $30 million if the advisers fail to support the scheme.
Mr Eddee Ng, senior partner at Tan Kok Quan Partnership which represents the unsecured working group of creditors, said his clients cannot state their position on the scheme until they have received key documents from Utico.
The seven unsecured banks under the unsecured working group include BNP Paribas, Mizuho, KfW IPEX-Bank, Bangkok Bank and Standard Chartered.
Meanwhile, another suitor emerged for Hyflux just before the court date.
The firm said on Wednesday that Longview International Holdings expressed interest in investing with a joint venture partner - an "undisclosed major Chinese entity".
Separately, Utico also issued a statement on Wednesday reiterating that it "will consider" paying holders of Hyflux's perpetual securities and preference shares a certain amount, referred to as a "soft landing", even if the Emirati utility firm lists after two years from Hyflux's restructuring.
THE BUSINESS TIMES