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Bloomberg
Troubled Singapore water treatment firm Hyflux Ltd has entered a restructuring deal with Middle Eastern utility Utico FZC.
Under the agreement, Hyflux will get investment totalling S$400 million ($293 million) from Utico, according to an exchange filing. The pact caps drawn out negotiations between the two companies.
Hyflux, Singapore’s highest profile debt restructuring, had been looking for a white knight investor after a deal with Indonesian consortium SM Investments fell through in April. Its catastrophic slump stunned 34,000 individual investors, and prompted a rare public protest in the country.
Under the agreement, Utico will take up new Hyflux shares for S$300 million accounting for a 95% stake in the firm.