Hyflux, which was put under judicial management last November, will be fielding several possible bids in the months ahead as it tries to avoid running out of money.
The water-treatment company has at least seven non-binding offers from potential investors, according to two people familiar with the matter. It needs to move fast: the firm had $18.4 million of cash as of Jan 31, enough to survive five months from that date, the people said, asking not to be identified because the matter is private.
The suitors have shown interest in Hyflux as a whole or for some of its assets, but the bids have varying degrees of complexity and many need additional clarification, the people said.
Two Galway-based directors of an Irish-registered international animation company are among five directors who should be made personally liable for the companyâs debts of some â¬42 million, it has been claimed in Commercial Court proceedings.
DQ Entertainments Ireland Ltd (DQE) made payments in millions to other companies for assets that did not appear to exist, it is alleged.
Leo Condron, Killeely Beg, Kilcolgan, and Dominic Poole, Furrymelia, West Barna, were directors of the company over which Patrick Bance was appointed receiver in October 2019.
The others were India-based Rashida Adenwala, of Sai Sagar Heights, Hyderabad; Tapaas Chakravarti, of Jubilee Hills, Hyderabad; and Sanjay Choudhary, of Sri Gayatri Elegant Sy, Vasavi Naar, Secunderabad.
Hyflux now has just S$21 5 million in cash: source businesstimes.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstimes.com.sg Daily Mail and Mail on Sunday newspapers.