PUB is doing this to secure Singapore's water supply and will waive any compensation payable by Tuaspring if PUB terminates the water purchase agreement.
Hyflux maintained that SMI had agreed to allocate $271 million to settle debts with creditors, but SMI denied this. Hyflux said, it will"continue to relentlessly pursue all other viable strategic opportunities" as part of its court-supervised restructuring. Meanwhile, the company's 34,000 retail investors stand to lose most of the $900 million they invested in Hyflux.
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