SINGAPORE - Beleaguered water-treatment firm Hyflux said its $400 million rescue deal with potential investor Utico has"ceased" with the lapsing of the restructuring agreement's long-stop date on May 26.
In a bourse filing on Friday , Hyflux said that it is"considering the contents" of Utico's May 26 letter, in which the Middle Eastern utility provider said that all cash considerations it had earlier offered will be substituted for stock in Utico and Hyflux. Meanwhile, senior unsecured creditors will have to accept 17 per cent of Utico and 12.5 per cent of Hyflux as payment.
Hyflux also said on Friday it is concurrently pursuing other options, including those with regard to other potential white knights, namely Aqua Munda, Longview and FCC Aqualia.
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