Hyflux town hall meeting rescheduled due to space constraints

Beleaguered water treatment company Hyflux has called off today's town hall meeting on its restructuring, citing space constraints at the original venue.

The third round of meetings, for holders of its notes, perpetual securities and preference shares, was to have been held at its Hyflux Innovation Centre in Bendemeer Road.

But "due to the large number of holders of the securities who have indicated that they wish to attend, the company considers it necessary to arrange for a larger venue to conduct this town hall meeting", Hyflux said late on Monday. It said it will announce the new time and venue of the meeting "as soon as possible".

Hyflux recently unveiled plans to tweak its debt restructuring scheme and give disgruntled retail investors a higher recovery rate on their original investment. This came after investors pointed fingers at the minimum recovery rate promised to senior unsecured creditors.

Retail investors have filed proofs for a hefty share of the $3.51 billion in claims being made against Hyflux ahead of a do-or-die creditors' vote between restructuring and liquidation on April 5.

Holders of the $500 million, 6 per cent perpetual securities have filed $540.7 million of claims, while holders of the $400 million, 8 per cent preference shares have filed claims worth $429.3 million.

Greater clarity on the sums being claimed is expected after adjudication on Saturday.

A version of this article appeared in the print edition of The Straits Times on March 13, 2019, with the headline 'Hyflux town hall meeting rescheduled due to space constraints'. Subscribe