The judicial managers (JM) of Hyflux Limited, Patrick Bance and Hamish Alexander Christie of Borrelli Walsh, have filed an application to the High Court on June 4 to wind up the company.
In a filing on June 4, Bance and Christie have deemed that the objectives of the company’s judicial management are “no longer capable of achievement” and that the remaining value of Hyflux are “best realised in a liquidation”.
The pair were appointed the judicial managers of Hyflux following a ruling from the High Court on Nov 16, 2020.
See: Hyflux put under judicial management with immediate effect
According to a May 13 announcement, Bance and Christie had previously been granted an extension till July 14 to determine whether a potential restructuring of Hyflux was possible.
The pair had at least seven non-binding offers from potential investors, including one bid for an investment in the entire Hyflux Group and six bids for specific assets in the group.
See also: Hyflux has at least seven non-binding offers as cash runs out, Hyflux now has just $21.5 million in cash
Given that the negotiations with the investor interested in investing in the entire group were unsuccessful, and chances of a restructuring “not possible”, the continuation of the judicial management of the company was deemed unnecessary.
The remaining six bids can be facilitated through the company’s winding up.
Read the entire Hyflux saga here.
Cover photo: Bloomberg
