THE restructuring agreement just signed this week between debt-ridden Hyflux and white knight Utico might fall through, given that Hyflux's unsecured bank lenders are said to be opposed to the deal.

The main reason is a success fee of up to S$25 million payable to Hyflux adviser nTan Corporate Advisory, helmed by Nicky Tan, if the restructuring is successful, according to Debtwire, which provides news, data and analysis on debt markets.

Citing people familiar with the matter, Debtwire reported that nTan's fees also include a S$1 million sign-on fee and monthly retainers which are paid without fail.