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S'pore business casualties of 2020: Hyflux's last chance to turn around before liquidation
Singapore had its fair share of corporate drama this year, with established names such as Wirecard, Hin Leong and Hyflux suffering a drastic turn of fortunes. Where are they now, and what's next for them?
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At issue now is whether the long-suffering creditors of Hyflux will finally get a restructuring deal with terms they are prepared to accept.
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SINGAPORE - Following a more than two-year-long failed restructuring attempt that has seen a number of surprising twists, troubled water treatment firm Hyflux and its unit ended the year under judicial management, and its founder, Ms Olivia Lum, losing control of the companies.
At issue now is whether the long-suffering creditors of Hyflux, including some 34,000 retail investors holding its perpetual and preference shares, will finally get a restructuring deal with terms they are prepared to accept. Or will the company be liquidated if no viable deal is struck, which will mean that the retail investors, who are owed about $900 million, will end up with nothing.
