Hyflux's white knight proposes changes to pot for adviser fees prior to court hearing

Singapore

AHEAD of an upcoming court hearing, Hyflux's white knight Utico has adopted a carrot-and-stick approach, proposing to either increase or decrease the pot for adviser fees, depending on whether the scheme receives the necessary support from all advisers at the hearing on Jan 29.

In a letter dated Jan 28 to the water treatment firm, Utico said it would raise the pot for adviser fees to S$50 million if it receives support from all advisers for the Hyflux scheme and restructuring agreement (RA) at the court hearing.