Singapore Court Rules in Favor of Liquidating Hyflux in Hearing - Bloomberg
A Singapore court on Wednesday ruled in favor of liquidating Hyflux Ltd., following a years-long saga in one of the city-state’s most high-profile distressed cases.
The ruling came in a hearing that was adjourned from July 12 after Utico FZC, one of Hyflux’s suitors, asked to be heard on its application to intervene in the case. Hyflux said last month the judicial manager terminated discussions with United Arab Emirates-based Utico as it was unable to meet the conditions required.
The hearing comes after the court-appointed manager in charge of the troubled water-treatment company since November applied last month to wind up the firm. Judicial manager Borrelli Walsh Ltd. said in a statement in June that “the remaining value” of the Hyflux Group is best realized in a liquidation.
The decision may cap a drawn-out saga around the company, which has left retail investors and creditors holding losses. Hyflux began a court-supervised debt restructuring process in May 2018 and faced about S$2.8 billion ($2.1 billion) of claims. It received multiple offers from several bidders along the way, none of which concluded.
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