Mon, Nov 16, 2020 - 2:26 PM
UPDATED Mon, Nov 16, 2020 - 3:10 PM
BORRELLI Walsh has been appointed interim judicial managers (JMs) for debt-ridden Hyflux.
This comes after Justice Aedit Abdullah on Monday noted that the repeated extension of the debt moratorium for the Singapore water treatment company "must come to an end at some point".
The judge last month chastised Hyflux's lawyer Nish Shetty from Clifford Chance Asia for making a last-minute request for an adjournment.
Borrelli Walsh is the financial adviser of an unsecured working group of banks comprising Mizuho, Bangkok Bank, BNP Paribas, CTBC Bank, KfW, Korea Development Bank, and Standard Chartered Bank. The group had applied to put the ailing water treatment firm under judicial management.
In court, the Securities Investors Association (Singapore), or Sias, as well as Hyflux's creditors such as DBS raised concerns that the appointed JMs should not be closely connected to any stakeholder group of Hyflux, and should be an independent party.
Last week, a detailed term sheet from Strategic Growth Investments (SGI), yet another white knight in the long-running saga, was filed to the Singapore Exchange. SGI has said it will not contribute with its rescue package should Hyflux enter into judicial management.
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