News analysis

Water firm Hyflux in race against time to stay afloat

The one-time darling of Singapore's water sector now finds itself in a race against time as its debt moratorium is set to expire on April 30, with no new viable suitor in sight yet.

Hyflux is hard-pressed to find another suitor, and questions remain over whether it can attract a high enough bid for its remaining assets without the desalination plant. Sources close to the rescue deal say that the Indonesian Salim-Medco consortium, SM Investments (SMI), may have underestimated the amount of funds required to fix the desalination plant, settle disputes and run the operations of the firm.

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A version of this article appeared in the print edition of The Straits Times on April 05, 2019, with the headline 'Water firm in race against time to stay afloat'. Print Edition | Subscribe