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

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

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

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. Learn more about ST PREMIUM.

Enjoy unlimited access to ST's best work

  • Exclusive stories and features on multiple devices
  • In-depth analyses and opinion pieces
  • ePaper and award-winning multimedia content
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'. Print Edition | Subscribe