Distress call

Can a new white knight rescue Hyflux?

As creditors like BNP Paribas press the Singapore-listed firm for payment, Hyflux is racing against a debt restructuring deadline to find a new white knight.
Hyflux has desalination plants in Oman and Algeria.
Hyflux has desalination plants in Oman and Algeria.

Pressing demands for repayment from creditors raise the question of whether a new white knight can rescue Hyflux in time. Just days after the Singapore-listed water treatment and power company unveiled United Arab Emirates UAE water and power company Utico as a potenial invesor, it disclosed demands for payment from BNP Paribas.

Time is short for Hyflux. The Singapore High Court only granted the company a debt moratorium until May 24. It has been teetering on the brink of liquidation since Indonesian conglomerates Salim Group and Medco Group announced on April 19 that they had cancelled plans to invest in the distressed firm. This was part of...

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