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Clash Over $2 Billion of Debt at Singapore's Hyflux Heats Up
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Singapore’s troubled water treatment company Hyflux Ltd., formerly celebrated as a hallmark of entrepreneurship in better times, is set for a humbling week.
Creditors are due to file proof by Friday of the obligations that Hyflux owes them, putting the company’s S$2.7 billion ($2 billion) unsecured debt load under an even brighter spotlight. The firm this month unveiled a proposal to impose 75 to 90 percent haircuts on unsecured creditors, following a tumble triggered by an ill-timed expansion into energy in recent years.