SINGAPORE (April 25): Hyflux International, the debt-laden water company facing potential liquidation, has been granted a one-month extension of its debt moratorium to May 24 although it had asked for an extra three months.
“Arguments for further extensions can be made either on May 7 or 13. Carve-out arguments put forth by some creditors seeking judicial management will be heard on May 7. If approved, the JM hearing will be on May 13,” local media reported.
Explaining his decision to provide a shorter moratorium, the judge said that the moratorium under section 211B was meant to give a company “breathing space” and not for it to “continue indefinitely”, according to the reports... (Click here to read the full story)