SMI says Hyflux's schemes of arrangement 'do not satisfy' restructuring deal

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SINGAPORE (March 28): Hyflux’s white knight SM Investments (SMI) has issued a statement saying it does not agree with the schemes of arrangement proposed by the water company and that the schemes do not satisfy the conditions of the restructuring agreement.

The latest statement by SMI on Thursday puts the rescue deal agreed between Hyflux and SMI — a consortium made up of Indonesian conglomerate Salim Group and energy giant Medco Group — in jeopardy.

In a press statement on Thursday, SMI says it had recently became aware of new material information on Hyflux that significantly increases the working capital requirements of the group... (Click here to read the full story)