Hyflux winding up hearing adjourned after intervention by Utico
WHITE knight suitor Utico is making another last-ditch attempt to intervene in Hyflux's winding up process.
The Middle Eastern utility firm was looking to file an affidavit, which refutes what judicial managers (JMs) have asserted regarding the failure to proceed with certain negotiations for the restructuring of Hyflux, the Singapore High Court heard on Monday.
WHITE knight suitor Utico is making another last-ditch attempt to intervene in Hyflux's winding up process.
The Middle Eastern utility firm was looking to file an affidavit, which refutes what judicial managers (JMs) have asserted regarding the failure to proceed with certain negotiations for the restructuring of Hyflux, the Singapore High Court heard on Monday.
The court also heard that Utico is willing to put up a S$10 million non-refundable deposit but on the condition that it is given a period of 60 days to negotiate with the JMs on restructuring. This was, however, dismissed by Judge Aedit as he was not assured by what was offered by Utico. He said that he was willing to consider adjournment on those grounds if Utico had been able to put down money immediately for Hyflux's operations.