Hyflux sues Indonesian consortium SMI, claims S$38.9m deposit made after restructuring deal

m SM Investments due to a failed agreement that would have infused much-needed cash into the water firm.

Hyflux has said in the past that it has a right to this deposit if SMI would “wrongfully terminate” the agreement.also says that the water treatment firm will be giving updates as developments in the matter ensue, and that it had appointed nTan Corporate Advisory Pte Ltd “as an additional advisor in the Company’s ongoing Court supervised reorganisation process.”

As noted previously, SMI has already issued Hyflux two notices to remedy threats to the Tuaspring and Magtaa projects on March 18 and 25, 2019 respectively. These threats have not been remedied. , SMI was informed of a threat to a third major project.”

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Can the Hyflux restructuring be resurrected?IT was hugely disappointing to learn last week that troubled water treatment firm Hyflux Ltd has terminated its agreement with SMI, the only white knight that has emerged over the past year with funds to help Hyflux. Ever since SMI announced its S$530 million rescue package last October, Sias had consistently maintained that no effort should be spared to ensure that SMI stayed in the game, while urging all stakeholders to show up and vote at their respective restructuring extraordinary general meetings in order to stave off liquidation and save the company. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »