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
Singapore
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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