Hyflux racing against time in hunt for new white knight

National water agency PUB, issuing a warning on Wednesday, said it was terminating its water purchase agreement with Hyflux and would take over its Tuaspring desalination plant (above) in 30 days. PHOTO: HYFLUX
National water agency PUB, issuing a warning on Wednesday, said it was terminating its water purchase agreement with Hyflux and would take over its Tuaspring desalination plant (above) in 30 days. PHOTO: HYFLUX

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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A version of this article appeared in the print edition of The Straits Times on April 20, 2019, with the headline 'Hyflux racing against time in hunt for new white knight'. Print Edition | Subscribe