As more international creditors lay claims to the troubled Singapore-listed firm, Hyflux is working out a new plan to stave off liquidation. A previous plan to restructure over $2 billion of debt is dead in the water, after Indonesian conglomerates Salim Group and Medco Group announced on April 19 that they had ended plans to rescue the distressed water treatment and power company.
The Indonesian firms said that they are suing Hyflux, while Hyflux itself filed a writ of summons in the Singapore High Court on April 15 against its former rescuers. Both sides have accused each other of reneging on the restructuring agreement.
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