Hyflux announces Tuaspring financing acceleration, deal termination

By Caroline Salls

Pittsburgh, April 18 – Hyflux Ltd. announced Thursday that Malayan Banking Bhd (Maybank) terminated a collaboration agreement with Hyflux and Tuaspring Pte. Ltd. related to the divestment of Hyflux’s interest in Tuaspring’s integrated water and power project, and Maybank has issued an acceleration notice on all amounts outstanding under Tuaspring financing documents.

Maybank also provided notice of its intention to appoint receivers and managers over specified assets of Tuaspring.

Hyflux said the termination of the collaboration agreement was based on the fact that there has been no execution of a binding agreement with a successful bidder/investor for the full settlement and discharge of Maybank’s total debt by a standstill deadline.

For now, Hyflux said the operations of the power plant covered by the project are expected to continue as usual, but the termination of the collaboration agreement is expected to have a significant impact on the Hyflux group’s financial performance.

Hyflux is a Singapore-based water treatment firm.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.