HYFLUX has received a non-binding letter of intent for a possible S$400 million injection from an owner and developer of water and power utilities based in the Middle East, the troubled water treatment firm said in an exchange filing on Thursday.
The potential investment will be used for equity and working capital purposes, as well as possible urgent interim funding. Discussions are ongoing with the potential investor, who has a “reputable track record”, said Hyflux, without identifying the entity. Hyflux is also engaging with other potential overseas investors on their interest in its business and assets, including parties “that would have synergy with” Hyflux, it noted.
Meanwhile, a group of unsecured banks are seeking leave from the High Court of Singapore to file applications for Hyflux and Hydrochem to be placed under judicial management and/or interim judicial management, Hyflux said in the same filing on Thursday.These banks are Mizuho Bank, KfW IPEX-Bank GmbH, Bangkok Bank Public Company, BNP Paribas, CTBC Bank, The Korea Development Bank as well as The Korea Development Bank Singapore Branch.
Judicial management is a rescue procedure to restructure a distressed company’s debt. An independent judicial manager is appointed to take control of the company’s affairs, business and property, in an attempt to help it survive, get a scheme of arrangement approved or a more advantageous realisation of the company’s assets versus that in a liquidation.
Source: News Formal (newsformal.com)
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