SINGAPORE (THE BUSINESS TIMES) - The judicial managers of Hyflux and its unit Hydrochem are in talks with 14 new potential investors, and aim to identify a suitable investor by the end of January next year.
However, the judicial managers from Borrelli Walsh said on Tuesday (Dec 15) that they are unable to disclose the identities of these investors, as many of the investors had only recently contacted them.
The judicial managers added that they had contacted five investors who had previously expressed an interest in Hyflux and Hydrochem, and continue to work with some of those investors.
Hyflux and Hydrochem were placed under judicial management (JM) by the Singapore High Court on Nov 16, capping a two-year-long failed attempt to restructure the business.
The JM application had been filed by an unsecured working group of 19 banks which are owed $931 million by Hyflux. The water treatment player also owes $900 million to some 34,000 retail investors holding its perpetual and preference shares.
On Nov 24, the judicial managers issued a notice inviting expressions of interest from parties keen to invest in the embattled water treatment player as part of a restructuring process.