Utico, Hyflux held talks ahead of Nov 1 deadline for rescue plan: lawyer
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THE advisers of both Hyflux and Utico have held talks on Thursday night and, if required, might have further discussions on Friday afternoon, Hyflux lawyer Manoj Pillay Sandrasegara told The Business Times (BT).
This comes as potential white knight Utico has given an 48-hour ultimatum until 5pm on Friday for Hyflux to sign the definitive restructuring agreement, or else it will withdraw the deal entirely.
The Straits Times (ST) reported on Thursday that the fresh deadline came after Utico was told that both Hyflux and its creditors required further negotiations on several key terms. Mr Manoj, a partner with WongPartnership LLP, did not elaborate on these terms.
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