Hyflux sued SM Investment, a water treatment company, the Singapore High Court, who refused to rescue the structure. The lawsuit was also filed to require a deposit of $ 38.9 million (S $).
After Hyflux withdrew its rescue negotiations from SM Investment earlier this month, the lawsuit was based on an allegation that investors refused to agree to a restructuring deal. As the structure negotiations were lifted, the planning meetings for investors, creditors and stakeholders were also canceled.
According to data submitted to the Singapore Exchange on Monday after the deal, SM Investments declined to restructure and Hyflux announced that it had submitted a subpoena to the Singapore High Court.
The lawsuit is a lawsuit filed against an investor who refuses to restructure and requires a deposit of $ 38.9 million (S $) immediately after the restructuring contract is concluded.
Hyflux said, "The company is going to update on further developments with this issue.
Last May, Hyflux, surrounded by debt, sought the protection of the court for debt restructuring. High Flux said it had found a back story of SM Investments, which said it would invest $ 530 million (S $) in exchange for a 60% stake by October last year.
In March this year, Tuaspring, a wholly owned subsidiary of Hyflux, received a basic notice from the PUB of the National Water Program of Singapore, failing to keep the desalination plant in a "stable operating mode" as required by the water supply contract. PUB has warned that the default will control Tuaspring if it does not resolve in about a month.
High Flux has raised concerns about the PUB's primary notice from the SM Investment Times, and the PUB restructuring agreement gives the right to terminate the restructuring agreement in the event of a & # 39; Within two weeks or mutually agreed.
In late March, Hyflux argued for White Knight's claim to excuse it for an investment of S $ 530 million, which is expected to save the company from its problems. Pointing out that there are some discrepancies between investors and investors, Hyflux continued to emphasize the intention to proceed with the planned meeting next month.
After the announcement of Hyflux's statement, SM Investments said Hyflux did not support the current restructuring agreement, which plans to vote on creditors at its next planning meeting on April 5th.
On April 5 Hyflux announced that the rescue negotiations had been abandoned the day before the April 5 planning meeting and that it would take all necessary action in connection with such layoffs.
Court protection from creditors of Hyflux expires on April 30th.
The company will lose court protection from its creditors on April 30 and has not announced any significant structural negotiations that will help it through debt restructuring.
Hyflux spokesperson Manoj Sandrasegara of WoPartnership said he had not received any instructions at this stage to extend the moratorium at the incident management meeting.
High Flux is likely to return to investors who have offered relief last year.
Last year, the water treatment company conducted a competitive bidding process and signed a private agreement with 16 potential investors. Investors included Chinese businesses and Southeast Asia local businesses.