Utico FZC

The ruling comes following the company’s restructuring attempt that took place for over two years.

There seems to be no resolution to the rescue deal between Utico FZC and Hyflux.

Hyflux was one of Singapore’s success stories before an ill-timed foray into the energy business.

Utico says that its binding offer will remain open for acceptance during the acceptance period, whether a judicial manager is being appointed or not.

SINGAPORE (Nov 26): Embattled Singapore water treatment firm Hyflux has finally signed a $400-million restructuring agreement with Middle Eastern utility player Utico FZC.

(July 26): United Arab Emirates-based utility Utico FZC plans to raise as much as $500 million through a listing on the Singapore Exchange in the next two years, according to chief executive officer Richard Menezes.

SINGAPORE (July 16): After months of high tension drama as it teetered on the brink of bankruptcy, Hyflux looks like it is finally going to be saved by a white knight investor.

SINGAPORE (July 11): Hyflux says it has had informal discussions with United Arab Emirates utilities group Utico FZC, even after the extended deadline for entering into a binding agreement lapsed on June 27.

SINGAPORE (May 30): The Singapore High Court has granted Hyflux a two-month extension of its debt moratorium, the company announced in a filing last night.

SINGAPORE (May 28): Embattled water company, Hyflux on Tuesday clarified in a Singapore Exchange filing that its recent meeting with Utico did not entail any binding agreements or conclusive number on how much its investors will be getting.