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Mon, Nov 16, 2020 – 2:26 pm
UPDATED Mon, Nov 16, 2020 – 3:10 pm
BORRELLI Walsh has been appointed interim receivers (JM) for Hyflux, which is in debt.
This comes after Judge Aedit Abdullah noted on Monday that the repeated extension of the debt moratorium for Singapore’s water treatment company “must come to an end at some point.”
Last month, the judge reprimanded Hyflux’s attorney, Nish Shetty of Clifford Chance Asia, for making a last-minute request for a stay.
Borrelli Walsh is the financial advisor to an unsecured task force of banks that includes Mizuho, Bangkok Bank, BNP Paribas, CTBC Bank, KfW, Korea Development Bank, and Standard Chartered Bank. The group had requested to put the troubled water treatment company under judicial management.
In court, the Securities Investors Association (Singapore), or Sias, as well as Hyflux’s creditors, such as DBS, expressed concern that appointed JMs should not be closely related to any Hyflux stakeholder group and should be a independent part.
Last week, a detailed term sheet from Strategic Growth Investments (SGI), another white knight in the long-running saga, was released to the Singapore Stock Exchange. SGI has said that it will not contribute its rescue package if Hyflux enters the judicial process.
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