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The High Court yesterday allowed debt-ridden water treatment firm Hyflux two more months of reprieve from its creditors - until Aug 2 - as the company continues to work with several investors to nail down a new restructuring plan.
Hyflux had asked for a four-month extension on its debt moratorium, saying it was in discussions with other potential investors.
This was in addition to talks with United Arab Emirates utility Utico for a $400 million investment and Mauritius-based investment fund Oyster Bay Fund for up to $500 million. A third potential investor, said to be a large desalination company, had issued a letter of interest for certain assets in Algeria, Oman, the Middle East and North Africa.
Four more companies were also in discussions over a potential investment. They were a large power sector player in Asia looking to merge with Hyflux group, a fund whose corporate strategy included turning around distressed firms, a major Asia-based nuclear and civil engineering contractor, and a major waste treatment player.
More at https://tinyurI.com/yy3sqhv7
Hyflux had asked for a four-month extension on its debt moratorium, saying it was in discussions with other potential investors.
This was in addition to talks with United Arab Emirates utility Utico for a $400 million investment and Mauritius-based investment fund Oyster Bay Fund for up to $500 million. A third potential investor, said to be a large desalination company, had issued a letter of interest for certain assets in Algeria, Oman, the Middle East and North Africa.
Four more companies were also in discussions over a potential investment. They were a large power sector player in Asia looking to merge with Hyflux group, a fund whose corporate strategy included turning around distressed firms, a major Asia-based nuclear and civil engineering contractor, and a major waste treatment player.
More at https://tinyurI.com/yy3sqhv7
