Embattled Hyflux in talks with investors

(Oct 9): Hyflux Ltd, the embattled Singapore water-treatment and power company, is in advanced talks with at least two potential investors about taking a strategic equity stake in the group as part of a restructuring plan.

The discussions with these investors are taking place concurrently with efforts to sell its desalination plant known as Tuaspring, its legal adviser WongPartnership LLP said in an update during a case management hearing in court Monday. Hyflux has an Oct 15 deadline to sell the plant, which is Southeast Asia’s biggest.

The group is racing against the clock to put together a scheme of arrangement to reorganise debt as a six-month debt moratorium expires around mid-December. It has also opened so-called data rooms to provide more information about its projects and financial accounts, as it seeks extra funds to help alleviate its liquidity strain.

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