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A Singapore court on Wednesday ruled in favour of liquidating Hyflux Ltd., following a years-long saga in one of the most high-profile distressed cases.
Asset sales in a liquidation process at Hyflux Ltd., Singapore’s highest-profile distressed company, would likely bring in less than S$200 million, a person familiar with the matter said, a fraction of the amount creditors are claiming.
The judicial managers of Singapore's Hyflux Ltd said they have applied to a court to liquidate the company after talks for an investment into the embattled water treatment firm failed. "Given the negotiations with the investor for an investment in the entire Hyflux Group were unsuccessful and consequently a restructuring not possible, the continuation of the judicial management of the company is no longer necessary," the managers from Borrelli Walsh said in a stock exchange filing on Friday. They said the remaining value of Hyflux was best realised in a liquidation, adding that remaining bids to buy the company's individual assets could be facilitated through winding its up.