SINGAPORE (May 28): On Tuesday, in a move that was not entirely unexpected, water company Hyflux announced it was seeking a court-supervised process to reorganise its debt and businesses.

The court application affords Hyflux protection against any claims from its creditors as it tries to meet debt obligations by selling assets.

Under the terms of the application, any sums due to creditors after May 22 will not be paid. This includes $15 million in coupon payments to the perpetual security holders due on May 28.

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