Water treatment firm Hyflux has filed a lawsuit against Indonesias SM Investments in the Singapore High Court, saying that the investor has repudiated on the rescue deal. The lawsuit was also filed to claim the S$38.9 million deposit.
The lawsuit follows after Hyflux called off the rescue deal from SM Investments earlier this month on claims that the investor has repudiated the restructuring agreement. Due to the removal of the rescue deal, then scheduled scheme meetings for investors, creditors, and stakeholders were also cancelled.
In a filing on the Singapore Exchange on Monday after trading hours, the firm announced that SM Investments has denied that it has repudiated the restructuring agreement and Hyflux has filed a writ of summo…
Read the full article at: https://www.ig.com/au/news-and-trade-ideas/shares-news/hyflux-sues-sm-investments-over-aborted-bailout-190416