SINGAPORE: Hyflux Ltd, which was put under judicial management in November last year, will be fielding several possible bids in the months ahead as it tries to avoid running out of money.
The Singaporean water-treatment company currently has at least seven non-binding offers from potential investors, according to two people familiar with the matter. It needs to move fast: the firm had S$18.4mil (US$13.8mil or RM55.96mil) of cash as of Jan 31, enough to survive five months from that date, the people said, asking not to be identified because the matter is private.
The suitors have shown interest in Hyflux as a whole or for some of its assets, but the bids have varying degrees of complexity and many need additional clarification, the people said. Patrick Bance, a Singapore-based director at Hyflux’s judicial manager Borrelli Walsh, declined to comment.
Once a corporate highflyer, Hyflux is Singapore’s most high-profile debt-restructuring case that has dragged on since a court-supervised process began in May 2018. Rapidly declining liquidity is adding to the woes: its cash and equivalents halved for two straight years through 2020. Borrelli Walsh isn’t yet able to determine whether the company will be restructured in its entirety. ─ Bloomberg