Hyflux races against time in hunt for new white knight; in talks with potential investors, say sources

Grappling with debts totalling $2.95 billion, Hyflux filed for court protection in May 2018 and is protected from creditors by a debt moratorium which expires on April 30.
Grappling with debts totalling $2.95 billion, Hyflux filed for court protection in May 2018 and is protected from creditors by a debt moratorium which expires on April 30.PHOTO: LIANHE ZAOBAO

SINGAPORE - Embattled water desalination company Hyflux, which appointed heavyweight debt restructuring expert nTan this week as its corporate adviser, is in a race against time to find a new buyer, with one week to file for an extension of its debt moratorium.

The bid gained more urgency with PUB firing a warning on Wednesday, saying it was terminating its water purchase agreement with Hyflux and would take over its desalination plant Tuaspring in 30 days.

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