Embattled Hyflux assets may go for less than $200m in liquidation: report
This is only a fraction of the amount creditors are claiming.
Hyflux Ltd. may only get less than $200m after it liquidates its assets, a report from Bloomberg said.
Six bids involving individual assets are already up after Hyflux’s judicial manager Borrelli Walsh Ltd. filed a court application earlier this month to wind up the water-treatment and power company.
The report, stating an unnamed source, said that there’s no specific timeline to sell these assets, but the judicial manager aims to do so as soon as possible.
The small proceeds from the assets would confirm creditors' fears that they may get little back from the company which is about $2.8b in debt. Investors in the once high-flying firm include about 34,000 individuals who put money in products including perpetual notes and preference shares.