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SINGAPORE: Singapore-based company Hyflux Ltd., which was placed under receivership last month, now has only about S $ 21.5 million ($ 16.2 million) in cash, according to a person familiar with the matter.
The amount is enough to last at least 10 months, said the person, who asked not to be identified because the matter is private.
The news means that this is at least the second year that liquidity at the water treatment company has been cut by more than half. It had S $ 44.6 million in cash and equivalents at the end of 2019, compared to S $ 92 million on December 31, 2018, affidavits from March this year and January 2019 show.
Hyflux is Singapore’s most prominent debt restructuring case, which has dragged on since a court-supervised process began in May 2018, frustrating creditors and some 34,000 retail investors. The once large company is facing investor claims worth S $ 2.8 billion, more than $ 1 billion of which comes from holders of its perpetual equity securities and preferred stock.
Judicial managers Borrelli Walsh said earlier this month that they were in talks with 14 potential new investors, without revealing their identities. That is in addition to the five existing suitors.
Borrelli Walsh director Patrick Bance declined to comment. – Bloomberg
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