Hyflux Scraps Its Restructuring Plan After Spats With Investors
- Troubled company has canceled April 5 vote on rescue plan
- Hyflux says it will engage stakeholders on alternative plans
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One of Singapore’s highest-profile corporate debt restructurings was thrown into disarray on Thursday, as embattled water and power company Hyflux Ltd. scrapped a pact with its would-be savior.
The rupture follows disputes in recent weeks with SM Investments Pte, the consortium of Indonesian businessmen that agreed last year to rescue Hyflux in return for a majority stake. It adds further uncertainty to the fate of the once-vaunted company, whose Tuaspring desalination and power plant was heralded as one of the “national taps” for an island that had long depended on importing water and harvesting rainwater for survival.