Is white-knight offer Hyflux's last, best hope?

JUST two days after Hyflux Group's judicial managers filed an application to wind up the crisis-hit company, Utico CEO Richard Menezes made a surprise rescue bid for it. Still, with the proposal short on details and clarity at the moment, those involved need to proceed with caution - and perhaps ask which is truly the last, best hope for Hyflux's wearied stakeholders, after all this time.

To recap: Hyflux's judicial managers Borrelli Walsh (BW) said in a bourse filing on June 4 that they had filed an application with the court to wind up the water treatment company.

This was after having been granted an extension for their terms of office until July 14 to determine whether a potential restructuring of the group was possible.