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19 December 2019

Singapore’s Hyflux gets offer for $1.3 billion worth of debt

The offer comes just weeks after crisis-hit Hyflux entered into a restructuring pact with Middle Eastern utility Utico.

Singapore skyline/Bloomberg

The creditors of Hyflux received an offer for SDG 1.8 billion ($1.33 billion) worth of its debt in what has become the latest twist to Singapore’s most high-profile debt restructuring, reported Bloomberg.

In a bourse filing, Aqua Munda made an offer to purchase some of the debt held by the Singaporean water company’s noteholders and unsecured creditors.

Aqua Munda’s offer will open on 30 December 2019 and expire on 10 January 2020 an MoU setting out the offer terms will be issued by 27 December 2019.

Hyflux had been searching for an investor ever since a deal with Indonesian consortium SM Investments fell through in April 2019. The company’s expansion into the power-supply business led to ballooning debt that it could not repay, leaving some 34,000 retail investors in the lurch and prompting rare public protest in Singapore.

A Singapore court in November 2019 approved Hyflux’s request seeking an extension of its debt moratorium by two months till 31 January 2020, with the next hearing scheduled for 29 January 2020.


RELATED STORIES: Hyflux Aqua Munda SM Investments Utico





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