Hyflux's Shocking Fall Adds to the Roster of Singapore Business Stumbles

Hyflux Ltd. will put its debt restructuring plan to vote this week, leaving its fate in the hands of unsecured creditors. Whatever the outcome, it will mark another entry in the list of fallen Singapore companies.

The Singapore water-treatment and power group is seeking to fix S$2.8 billion ($2.1 billion) of liabilities by asking senior lenders to accept haircuts of some 75 percent and junior retail investors of about 90 percent on their claims. In an April 5 vote on the plan, the creditors will either hand control of Hyflux over to a consortium of Indonesian businessmen, or push the group closer to liquidation.