This week Pison Investments Pte Ltd extended their offer for senior creditors to accept their buyout offer of Hyflux Ltd that was launched through their invitation memorandum on 9th July 2020. The offer for unsecured debts, contingent debts, and/or trade, and other debts of Hyflux Ltd, Hydrochem (s) Pte Ltd, Hyflux Membrane Manufacturing (s) Pte Ltd, and/or Hyflux Engineering Pte Ltd was set to expire on 17 August 2020. However, positive submissions and responses from creditors seeking additional time to submit their application saw the deadline extended to 4 September 2020. Pison Investments will have till 25 September 2020 to accept or reject the offers.
The invitation memorandum outlined that each eligible creditor may only submit one bid for an amount of all or some of the eligible debt. The discount set out in the tender application form highlighted that the offer must not be less than 91% on the Offered Debt.
As part of the company’s reorganization process under a Scheme Of Arrangement, Hyflux updated SGX on Pison Investments’ offer extension and will make appropriate announcements as and when there are any further material developments on this matter. Should sufficient creditors step forward and accept Pison Investments offer, Hyflux may just get that lifeline needed to reorganise and start rebuilding the company.