Distressed Singapore firm Hyflux's rescue is pulled

The planned and controversial rescue of Hyflux has been called off, leaving the distressed Singapore-listed firm on the verge of liquidation and 34,000 retail investors on the brink of losing all their money.

Some S$900 million $665 million is outstanding on Hyflux's perpetual bonds and preference shares. The water treatment and power company has also admitted S$2.81 billion in outstanding claims from 74 claimants including Mizuho Bank, DBS Bank, BNP Paribas and PwC.

“It is difficult to see how Hyflux can survive without the fund injection from the White Knights, a distressed debt consultant told FinanceAsia. Stakeholders will be hoping...