Potential Hyflux investor Pison says unsecured working group of seven creditor banks reluctant to engage it

Singapore

POTENTIAL Hyflux investor Pison Investments on Tuesday said it has received 158 tender application forms from noteholders and other eligible creditors, but that efforts to engage with the unsecured working group (UWG) of seven banks have failed.

The UWG - comprising Mizuho, KfW, Bangkok Bank, BNP Paribas, Standard Chartered Bank, CTBC Bank and the Korea Development Bank - in August filed to place Hyflux under judicial management because it no longer wanted Hyflux's management to lead any restructuring effort.