Half-price side offer to Hyflux's unsecured lenders: Lum
Revelation of this alleged offer, made in Hyflux CEO's affidavit, is unlikely to affect the deal on the table with Utico; adviser Borrelli Walsh denies the existence of such an offer
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AN affidavit filed in the Singapore Court last Friday showed that Borrelli Walsh, adviser for water treatment firm Hyflux's unsecured working group of lenders, had offered Utico a half-price deal in May to sell the business and assets for less than S$200 million by putting them through a sale by a judicial manager.
This was as opposed to the S$400 million currently on the table. Borrelli Walsh's proposal would in essence have left practically nothing for the perpetual capital securities and preference share (P&P) holders, made up mostly of some 34,000 retail investors.
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