Water-treatment firm gets proofs of claims of $3.51b from 73 parties

Hyflux asked for the claims ahead of scheme meetings to vote on its debt restructuring plan.
Hyflux asked for the claims ahead of scheme meetings to vote on its debt restructuring plan.ST PHOTO: LIM YAOHUI

Hyflux has received proofs of claims from 73 parties amounting to $3.51 billion, the troubled water-treatment firm said yesterday.

The firm asked for the claims ahead of scheme meetings to vote on its debt restructuring plan.

The proofs will form a basis to vote on scheme proposals and to receive payments.

Retail investors in Hyflux's perpetual securities and preference shares have filed proofs for some of the largest claim amounts.

Owners of its $500 million, 6 per cent perpetual securities are claiming $540.7 million while owners of its $400 million, 8 per cent preference shares are claiming $429.3 million.

Medium-term note-holders are claiming a combined total of $277.7 million.

The firm asked for the claims ahead of scheme meetings to vote on its debt restructuring plan. The proofs will form a basis to vote on scheme proposals and to receive payments.

Project company Tahlyat Myah Magtaa has filed a $502.6 million proof of claim for contracts related to Hyflux's desalination plant in Magtaa, Algeria.

The Singapore branch of Mizuho Bank is claiming $183.2 million for loans and project delivery guarantees while KfW Ipex-Bank is claiming $145.9 million for a guarantee relating to Hydrochem's bilateral loans, the filing showed.

Other claimants include the trustee of ESR-Reit, which is claiming $150 million for rent guarantees related to Hyflux's Tuas Hub lease, and the trustee of Ascendas Reit, which is claiming $120.9 million for rent guarantees related to the lease of the Hyflux Innovation Centre and the Hyflux Building in Kallang Bahru.

DBS Bank is seeking $109.2 million for a syndicated loan and various contract performance bonds.

In a separate filing to the Singapore bourse yesterday afternoon, Hyflux disclosed that Maa Kuthari Global filed a notice of arbitration on Friday last week against its indirect wholly-owned subsidiary Hyflux EPC.

The legal action relates to disputes between the parties over a subcontract to install systems for a proposed desalination facility in Saudi Arabia.

Hyflux said it is seeking legal advice on the claims.

A version of this article appeared in the print edition of The Straits Times on March 09, 2019, with the headline 'Water-treatment firm gets proofs of claims of $3.51b from 73 parties'. Print Edition | Subscribe