Clash over S$2.7b of debt at Hyflux heats up

Singapore's troubled water treatment company Hyflux, formerly celebrated as a hallmark of entrepreneurship in better times, is set for a humbling week.[SINGAPORE] Singapore's troubled water treatment company Hyflux, formerly celebrated as a hallmark of entrepreneurship in better times, is set for a humbling week.

Some Hyflux investors have banked on government help, given that the company owns the Tuaspring desalination plant deemed crucial to Singapore's water supply. But those bets may be misplaced, some observers argue."From some of our conversations, many have invested in Hyflux based on the premise of government backing," said Ang Chung Yuh, a fixed-income analyst at iFast Corp in Singapore."It's a misconception.

Hyflux investors, especially holders of junior debt, are calling for better terms and state intervention, at least in private chat groups. The government has said in parliament that it's inappropriate to comment on the Hyflux debt situation, saying it's"a commercial matter."

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