(Apr 4): One of Singapore’s highest-profile corporate debt restructurings was thrown into disarray on Thursday, as embattled water and power company Hyflux scrapped a pact with its would-be saviour.

The rupture follows disputes in recent weeks with SM Investments, the consortium of Indonesian businessmen that agreed last year to rescue Hyflux in return for a majority stake. It adds further uncertainty to the fate of the once-vaunted company, whose Tuaspring desalination and power plant was heralded as one of the “national taps” for an island that had long depended on importing water and harvesting rainwater for survival.

The development prolongs the plight of about 34,000 retail investors who stand to lose almost everything, after being lured by the promise of a 6% annual return forever from a company that seemed to have a gold seal of government approval. About 400 to 500 of those individual investors attended a rare public protest over the course of the event in Singapore last weekend.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook