Another investor steps in to buy Hyflux's debts for $1.8b

Eligible creditors may tender Aqua Munda’s offer from 30 December to 10 January 2020.

Embattled water treatment firm Hyflux received another offer from Singapore-registered Aqua Munda, to buy a portion of its creditors’ debts amounting to about $1.8b, according to an SGX filing.

This includes its 4.25% notes due 2018, some 4.6% and 4.2% notes due 2019, and other senior unsecured debts, contingent debts and/or trade and other debts. The contingent liability was noted to be at $750m.

Eligible creditors, which includes holders or beneficial owners of the notes as well as the unsecured creditors of the group holding their unsecured and contingent debts, may tender its offer within 30 December 2019 to 10 January 2020.

This came after Hyflux has inked the rescue deal with UAE-based white knight Utico for a total of $400m.

According to information from the Accounting and Corporate Regulatory Authority, Aqua Munda manufactures water treatment, waste treatment and oilfield chemicals. Bloomberg reports that it was incorporated on 17 December, with a listed address at the Ocean Financial Centre.