Hyflux's judicial managers say Utico has 'no impact' on winding up application

The latest proposal will see Hyflux's unsecured senior creditors receive five cents on the dollar. PHOTO: ST FILE

SINGAPORE (THE BUSINESS TIMES) - The judicial managers of Hyflux have stated that the beleaguered water treatment company's white-knight suitor Utico remains unable to meet the minimum conditions required to consider an offer, just as it was before their previous discussions were terminated.

In a bourse filing on Thursday (June 10), judicial managers Borrelli Walsh (BW) said that while Utico had contacted BW after the latter had filed the winding up application on June 4, it maintained that "Utico's recent contact and the associated press reports have no impact" on its application to wind up Hyflux.

The announcement comes days after The Business Times reported on Monday that Utico's chief executive Richard Menezes was attempting to offer the crisis-hit company a rescue deal.

Mr Menezes told BT that he had written to BW to "save the company and make it equitable", and that "liquidation should be the last option".

According to him, the latest proposal will see Hyflux's unsecured senior creditors receive five cents on the dollar - while retail investors in Hyflux's preference shares and perpetual securities will receive four cents.

BW had declined to comment at the time when reached by BT.

A virtual townhall meeting will be held for all Hyflux shareholders on June 18 at 1pm, where BW will provide updates regarding the judicial management and winding up application.

Those who are interested in joining must register by 7pm on June 15 at the registration site. Successful registrants will receive an e-mail by June 17 which will grant them access to the meeting.

Join ST's Telegram channel and get the latest breaking news delivered to you.