Every time the troubled water treatment company Hyflux looks to be finally giving up the ghost, it lurches up from its deathbed to fight another day. Its Lazarus act had a stellar workout in the High Court yesterday when it fended off moves by seven banks to start a process that would have seen the firm placed under judicial management.
That in turn may have ended with the company being wound up.
The High Court judge also gave Hyflux some much-needed extra breathing space by extending its debt moratorium with creditors from May 24 to May 29. But Justice Aedit Abdullah's patience appears to be running out: "I will be keeping the company on a tight leash, given that we have been at this for quite a period of time."