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Singaporean company Hyflux Ltd., which was put under judicial management last month, now has only about S$21.5 million in cash, according to a person familiar with the matter.
The Singapore high court has ordered water treatment firm Hyflux to be placed under judicial management, according to a stock exchange filing on Tuesday, after more than two years of the company unsuccessfully trying to restructure its debt. The court appointed restructuring firm Borrelli Walsh as the judicial manager, which will take over its operations, according to the filing. Debt-laden Hyflux, once seen as a national champion running a strategically important water resource for Singapore, filed for a court-supervised financial restructuring in 2018 and defaulted on its debt payments.
Hyflux Ltd. said it supports Strategic Growth Investments' plan to acquire and privatise the company in a transaction including a cash injection of S$208 million.