BELEAGUERED Hyflux has received a formal expression of interest from an American fund manager to invest at least S$204.78 million, said the water treatment company in a regulatory filing two days before an application to put it under judicial management will be heard.
Delaware-based Strategic Growth Investments proposed that the funds to be injected as newly issued common equity into Hyflux, and to be applied to settle all debts, claims and liabilities of the group. Senior unsecured creditors will get the lion's share of S$97 million, trade creditors S$15.78 million and the perpetual securities and preference shares investors S$32 million - all on a pro-rata basis, proposed SGI.
Also, it was proposed that S$60 million from the investment to be set aside for working capital and any future corporate restructuring, based on the value creation plan designed and implemented with SGI's advisers. This announcement to the Singapore Exchange made on Monday by Hyflux came just two days before the High Court hears the judicial management application by the unsecured working group of banking creditors.
Suffice to cover other debts?
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