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Utico gives Hyflux 48-hour ultimatum to agree to rescue deal: Hyflux lawyer
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Hyflux had said in May and June that it had received separate non-binding letters of intent for investments by Mauritius-registered Oyster Bay Fund and a Chinese power service provider.
PHOTO: ST FILE
SINGAPORE - Utico through its financial advisers has issued a 48-hour ultimatum until 5pm on Friday for Hyflux to agree to its version of the restructuring agreement, or it will pull out, Hyflux lawyer Manoj Pillay Sandrasegara told The Straits Times on Thursday (Oct 31).
This after Utico was told that both Hyflux and its creditors required further negotiations on several key terms, Mr Manoj, a partner with WongPartnership LLP, said.
