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Crisis-hit Hyflux gets new offer a day before next court hearing

(PHOTO: Hyflux website)

By Ameya Karve

(Bloomberg) -- Singapore’s embattled water treatment firm Hyflux Ltd. has received interest from a new investor, a day before its next court hearing, adding yet another twist to the nation’s most high-profile debt restructuring case that has dragged for more than 18 months.

Hyflux received a letter from Longview International Holdings expressing interest in investing in the company together with an undisclosed “major Chinese entity” as a joint venture partner, according to a filing.

The statement didn’t provide any further details on the plan. The new bid comes even as Hyflux investors are assessing two other offers, one of which seeks only to buy the company’s debt and the other most of its equity.

Hyflux Bond Investors Lose Hope of Recovering Any Money

The delays in the high profile restructuring has frustrated investors. Hyflux’s collapse has left some 34,000 retail investors in the lurch. Middle Eastern suitor Utico FZC, which reached a deal with Hyflux in November to invest a total of S$400 million, still awaits investor approvals. The entry of mystery bidder Aqua Munda Pte, which in December offered to buy up the company’s debt, has prompted further uncertainty for the company’s investors. Last month, Hyflux’s debt moratorium was extended until Feb. 28.

Hyflux’s Legal Adviser Plans to Walk Off, Adding to Woes

The hearing tomorrow is another in the series of many since a court-supervised process started in May 2018.

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