Hyflux races to secure $400m deal with UAE's Utico

Bid comes as court to decide today whether banks can start judicial management action

Hyflux's Tuaspring desalination plant. The struggling water treatment firm has called judicial management an expensive prelude to a long-drawn out liquidation, one that would destroy value which could otherwise be extracted for creditors under a rest
Hyflux's Tuaspring desalination plant. The struggling water treatment firm has called judicial management an expensive prelude to a long-drawn out liquidation, one that would destroy value which could otherwise be extracted for creditors under a restructuring scenario.ST PHOTO: TIMOTHY DAVID

Struggling water treatment firm Hyflux is hoping to nail down a $400 million deal with Utico FZC in a bid to fend off a move by seven banks to have the company placed under judicial management.

The Straits Times understands that about $300 million may be used to pay the bank lenders, medium-term noteholders and contingent liabilities, with $100 million earmarked as working capital.

Please or to continue reading the full article.

Get unlimited access to all stories at $0.99/month

  • Latest headlines and exclusive stories
  • In-depth analyses and award-winning multimedia content
  • Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months*

*Terms and conditions apply.

A version of this article appeared in the print edition of The Straits Times on May 07, 2019, with the headline 'Hyflux races to secure $400m deal with UAE's Utico'. Subscribe