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thehyde
2021-07-12

That's bad

Singapore’s Distressed Hyflux Faces Court Hearing on Liquidation

(Bloomberg) -- Hyflux Ltd.’s judicial manager will bring a plan to liquidate the Singapore company b

Singapore’s Distressed Hyflux Faces Court Hearing on Liquidation

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ALIBINHASSAN
·2021-07-12
Every company are distressed. Airline’s taff selling durians to make ends meet.
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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.</p>\n<p>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 investor claims. It received multiple offers from several bidders along the way, none of which concluded.</p>\n<p>One of its suitors, United Arab Emirates-based Utico FZC which has been pursuing the company since 2019, said it will argue against the winding-up plan in the hearing on Monday. 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