Singapore court administrators Hyflux Ltd said it asked a court to liquidate the company after negotiations for an investment in the ailing water treatment company failed.

“In view of the negotiations with the investor for an investment in the whole Hyflux The group did not succeed and therefore a restructuring is not possible, the continuation of the judicial management of the company is no longer necessary “, declared Friday the leaders of Borrelli Walsh in a stock exchange file.

They said that the remaining value of Hyflux was best done during a liquidation, adding that the remaining bids to buy the individual assets of the company could be facilitated by the liquidation.

Debts Hyflux, once seen as a national champion managing a strategically important water source for resource-poor little Singapore, filed for a court-supervised financial restructuring in 2018 and defaulted on its debt payments. It was placed under judicial management in November.

The national water agency PUB took over the company’s main water treatment plant two years ago.

Authorities have opened an investigation into the company and its current and former directors.

HyfluxSaudi Arabia’s financial distress has strained the assets of nearly 50,000 individual investors, including shareholders and bondholders, according to a group of investors.

Reuters