Hyflux is Singapore’s most high-profile debt-restructuring case, which has dragged on since a court-supervised process began in May 2018, frustrating creditors and some 34,000 retail investors. SINGAPORE: Singaporean company Hyflux Ltd., which was put under judicial management 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, the person said, asking not to be identified because the matter is private. The news means this is at least the second year in which liquidity at the water treatment company has more than halved. It had S$44.6 million in cash and equivalents at the end of 2019, compared with about S$92 million on Dec. 31,2018, court affidavits from March this year and January 2019 show. Hyflux is Singapore’s most high-profile 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 corporate highflyer faces about S$2.8 billion of investor claims, more than S$1 billion of which are from holders of its perpetual capital securities and preference shares. Judicial managers Borrelli Walsh said earlier this month that they were in talks with 14 new potential investors, without disclosing their identities. That’s on top of five existing suitors. Borrelli Walsh director Patrick Bance declined to comment. - Bloomberg
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