Former white knight SM Investments (SMI) will sue debt-laden Hyflux for cancelling the S$530 million rescue deal, it said in a statement on Friday (April 19).
The move means both Hyflux and SMI will be making a grab for the S$38.9 million deposit that was placed in escrow by SMI for the restructuring agreement.
SMI said it had not accepted the water treatment group's "purported termination" of the investment deal on April 4, adding that SMI only ended the deal on Friday (April 19) in accordance with the terms of the agreement.
The decision to terminate was based on several "termination events", the investor group said.
It said that Hyflux had wrongfully tried to walk away from the rescue deal through its actions on April 4. "This was a repudiatory breach of the agreement by Hyflux entitling SMI to terminate the restructuring agreement," said SMI.
More at https://tinyurI.com/yy3sqhv7
The move means both Hyflux and SMI will be making a grab for the S$38.9 million deposit that was placed in escrow by SMI for the restructuring agreement.
SMI said it had not accepted the water treatment group's "purported termination" of the investment deal on April 4, adding that SMI only ended the deal on Friday (April 19) in accordance with the terms of the agreement.
The decision to terminate was based on several "termination events", the investor group said.
It said that Hyflux had wrongfully tried to walk away from the rescue deal through its actions on April 4. "This was a repudiatory breach of the agreement by Hyflux entitling SMI to terminate the restructuring agreement," said SMI.
More at https://tinyurI.com/yy3sqhv7
