Hyflux’s Suitor Utico Extends Deadline for Acceptance of Offer

The saga of Singapore’s highest profile restructuring case, Hyflux Ltd., looks set to run a bit longer.

United Arab Emirates-based suitor Utico FZC agreed to extend a binding offer until Aug. 30, according to a filing. Utico has been pursuing Hyflux since last year, and had previously said the binding offer it made last month was open for acceptance until July 31.

Hyflux was once a high-flier that stumbled after an ill-timed foray into the energy business that eventually led to it starting a court-supervised process in 2018. The extended path toward resolution of its debts has left some 34,000 individual investors in the lurch.

Utico said that its offer will remain open for acceptance whether a judicial manager is appointed or not.

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