Hyflux’s Suitor Utico Extends Deadline for Acceptance of Offer

The saga of Singapore’s highest profile restructuring case, Hyflux Ltd., looks set to run a bit longer, Bloomberg News reported. United Arab Emirates-based suitor Utico FZC agreed to extend a binding offer until Aug. 30, according to a filing. Utico has been pursuing Hyflux since last year, and had previously said the binding offer it made last month was open for acceptance until July 31. Hyflux was once a high-flier that stumbled after an ill-timed foray into the energy business that eventually led to it starting a court-supervised process in 2018. The extended path toward resolution of its debts has left some 34,000 individual investors in the lurch. Read more

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