Hyflux’s Suitor Says ‘Willing to Walk Away’ From Embattled Firm - Bloomberg:
A Middle Eastern suitor for Hyflux Ltd. said it is willing to walk away from a deal with the embattled water treatment company, after a little-known firm made an offer for the utility’s debt.
The development is an added complication in Singapore’s highest-profile restructuring case, which has left some 34,000 retail investors in the lurch, with few signs of a resolution emerging after more than 18 months. Hyflux is separately asking for a three-month extension of its debt moratorium.
The United Arab Emirates-based utility, Utico FZC, will hold a town-hall meeting for holders of Hyflux’s perpetual securities and preference shares, as well as medium-term notes, on Jan. 20 in Singapore. It comes just days before the expiry of an offer by Aqua Munda Pte to buy the Singaporean company’s debt.
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