In its Jan 28 letter to Hyflux, Utico said it will raise the pot for adviser fees to S$50 million if it receives the support from all advisers for the Hyflux scheme and RA at a court hearing set to take place on Jan 29.
"Without additional investments and timely action these assets, currently zero, will result in even further direct liabilities on Hyflux and create creditors heretofore unknown," the company said. The firm questioned why the scheme was being deferred for so long when there was no action for value to be maintained, or creditors seeking to know what actions are being taken for the same.
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