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Business deals

Hyflux suitor prods board as rescue deal hangs in the balance

Troubled Singapore water company yet to endorse Utico's $290m proposal

Hyflux's restructuring will be led by specialist firm Borrelli Walsh, while current management will be sidelined in the process. 

SINGAPORE -- United Arab Emirates-based utility provider Utico has urged the Hyflux board to resolve internal differences over a proposed $290 million deal to save the debt-ridden Singaporean water company.

In a statement released Thursday, Utico said the Hyflux board's refusal to endorse Utico's proposed restructure agreement (RA) of the company was probably related to Utico's decision to cap advisers fees at 25 million Singapore dollars ($18 million).

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