with the terms of the restructuring agreement,” with Hyflux after the latter accused SMI of having breached their rescue deal.
“In light of responses and conduct, Hyflux has no confidence that the investor is prepared to continue to complete the proposed SMI Investment, even if all outstanding conditions precedent under the Restructuring Agreement are fulfilled,” noted Hyflux. In addition to suing SMI, Hyflux is also claiming the S$38.9 million deposit “placed into escrow shortly after the Restructuring Agreement.”SMI rejected the accusations made by Hyflux noting that there was no breach in the agreement.– Hyflux tried to cancel the Restructuring Agreement on April 4, 2019, which was a repudiatory breach of the contract thus giving SMI the right to terminate the deal.
– Tuaspring, SingSpring, and Algerian desalination plant Magtaa are still laden with issues that have not been resolved.
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