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SINGAPORE (BLOOMBERG) – Hyflux, which was placed under receivership last month, now has only about $ 21.5 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 this is at least the second year that liquidity at the troubled water treatment company has more than halved. It had $ 44.6 million in cash and equivalents at the end of 2019, compared to about $ 92 million on December 31, 2018, court 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 high-flying company faces around $ 2.8 billion in investor claims, 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.
Half of Hyflux’s 14 new bidders are financial investors, including one in Singapore that manages more than $ 100 billion (S $ 132 billion) in assets, according to the person.
The offers include three more suitors from Singapore: another financial investor with assets in excess of $ 20 billion and two non-financial companies with more recent annual revenues of more than $ 800 million and $ 200 million each.
A Japanese company with annual revenues of more than US $ 40 billion and another non-financial firm with operations in Singapore and Japan and annual revenues of more than US $ 30 billion are also in the race, the person said.
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