Utilities

Hyflux tries to work out survival plan

Hyflux faces fresh potential claims over its plant in Algeria, while the Singapore state utility board and Maybank are taking over its Singapore plant.
Hyflux's desalination plants in Singapore and Algeria are facing creditors' actions.
Hyflux's desalination plants in Singapore and Algeria are facing creditors' actions.

As more international creditors lay claims to the troubled Singapore-listed firm, Hyflux is working out a new plan to stave off liquidation. A previous plan to restructure over $2 billion of debt is dead in the water, after Indonesian conglomerates Salim Group and Medco Group announced on April 19 that they had ended plans to rescue the distressed water treatment and power company.

The Indonesian firms said that they are suing Hyflux, while Hyflux itself filed a writ of summons in the Singapore High Court on April 15 against its former rescuers. Both sides have accused each other of reneging on the restructuring agreement.

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