THE rescue deal that Hyflux intends to put to a creditors' vote on April 5 does not have the endorsement of Salim-Medco, the Indonesian investor group led by billionaire Anthoni Salim reiterated on Thursday.
But in a late surprise on March 18, SMI gave its first signal that it does not intend to see the deal through.SMI's statement on Thursday began:"SMI recently become aware of new material information on the Hyflux group that significantly increases the working capital requirements of the group. In light of the new material information disclosed to SMI, it has been reviewing the allocation of the investment for the working capital requirements of the Hyflux group.
Even with the latest rebuttal from SMI, it remains unclear if the Indonesian group intends to renegotiate a rescue deal with Hyflux under different terms, or call off talks entirely.SMI first asserted its right to walk away from the deal on March 18. On the other hand, Hyflux argued in a filing on Wednesday that a prescribed occurrence would only take place if PUB terminates its water purchase agreement with the Tuaspring water desalination plant. Such an event has not yet taken place, and the earliest that PUB can exercise its right to terminate the water contract if Tuaspring's defaults are not remedied is on April 6 , Hyflux said.
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Sias urges Hyflux to chase Salim-Medco for updates on rescue dealFIRST came a default notice from the national water agency, followed by an announcement that Hyflux's scheduled townhall meetings with retail investors would be postponed indefinitely. Read more at The Business Times.
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