CFA Society Singapore
SINGAPORE (Jul 9): Hyflux has been granted a six-month and three-month extension of deadlines to file its 2Q18 and 3Q18 unaudited financial statements, originally due Aug 14 and Nov 14 this year, respectively.
The troubled water treatment firm had written to the Singapore Exchange to request for the extensions on June 28, which were approved last Friday.
In a filing on Sunday, Hyflux says its payments of all debts before May 22 have been frozen since its six-month moratorium came into effect.
Hyflux explains that as the company is in the process of renegotiating the terms of its restructuring, the release of its financial statements according to their original deadlines would potentially results in the inaccurate and incomplete reflection of financial information.
The three- and six-month extensions’ durations are linked to the moratorium granted by the High Court in view of Hyflux’s reorganisation, adds the group.
“It is anticipated that the ongoing discussions surrounding the reorganisation will require at least the time for which the moratorium is granted, and it will only be meaningful for the company to start to prepare the relevant financial statements only when it has certainty regarding the terms of the Reorganisation and any financing proposals, which is expected to take additional time,” concludes Hyflux.