Singapore regulators reviewing disclosure issues, accounting practices at Hyflux for potential breaches

filed a writ of summons

in the Singapore High Court to commence legal action against its would-be white knight, and is claiming a S$38.9 million deposit. As the clock ticks down to the end of a court-sanctioned debt moratorium on Apr 30 without a new investor in sight, the former star company seems to be hanging by a thread, with market analysts saying the odds of a liquidation have increased.During a case management conference last week, the company's legal advisors told the court that it has not decided whether to seek an extension in debt reprieve.

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Hyflux default could signal more trouble ahead for Singapore bond market: S&PS&P Global Ratings said the default of troubled water and power company Hyflux could be the 'first wagon in a train of financial distress cases' to come in Singapore, as lending conditions adjust to the economic slowdown and become less favourable. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »