Hyflux's potential investors must disclose more

Published Mon, Jul 6, 2020 · 09:50 PM

MORE than two years have passed since Hyflux filed for bankruptcy.

Any chance of recovery is now more remote than ever, after rescue talks with an Indonesian consortium led by Anthoni Salim broke down in April last year.

Since then, talks with creditors have been marred by quarrels over adviser fees when Hyflux hired nTan Corporate Advisory as an additional restructuring adviser; the resignation of Hyflux's legal counsel WongPartnership; mercurial letters from potential investor Utico, which eventually walked back on the rescue offer it agreed to last year; and the emergence of secretive parties who want to buy up Hyflux's senior debt.

If not for the fact that Hyflux owes S$900 million to 34,000 retail investors, there might be a lot less symp…