Singapore Court Favors Winding Up Hyflux in Sign Saga Ending By Ameya Karve

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Singapore Court Favors Winding Up Hyflux in Sign Saga Ending By Ameya Karve

Bloomberg2021-07-21

Ruling comes after hearing was adjourned from July 12. Hyflux judicial manager had applied to wind up company. A Singapore court on Wednesday ruled in favor of liquidatingHyflux Ltd., following a ...

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Comment（7）

Aoyjai
·2021-07-22
Example of rich hanging the retailers and getting free?
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3
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Lourdu
·2021-07-22
Thanks
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Like
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NgKenny
·2021-07-22
Good
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1
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vodka
·2021-07-21
finally.....
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Investigater
·2021-07-21
Gone
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Fold Replies
- Jennifer58:
  Goodbye ?
  2021-07-21
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- Investigater:
  Lol
  2021-07-21
  Reply
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KS1983
·2021-07-21
:)
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KS1983
·2021-07-21
:)
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Hyflux said last month the judicial manager terminated discussions with United Arab Emirates-based Utico as it wasunableto meet the conditions required.\nThe 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 managerBorrelli Walsh Ltd.said in a statement in June that “the remaining value” of the Hyflux Group is best realized in a liquidation.\nThe 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.\nThe court on Wednesday also asked Utico to pay S$5,000 to the judicial manager because it applied to be heard without having ownership of any Hyflux debt or tie-ups with any of its creditors. 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