Hyflux, Utico lock horns over deadline for rescue deal

Singapore

EMBATTLED water treatment group Hyflux and one-time white knight Utico are at odds over whether last year's restructuring agreement is still on the table, according to correspondence between the two parties released by Hyflux on Tuesday night.

Hyflux had sought "Utico's urgent clarification" on whether Utico meant that its revised rescue offer was open for acceptance until June 30, or whether its revised offer was that the long-stop date under last year's agreement was extended until that date.