Singapore's Hyflux Ltd.'s judicial managers Saturday filed an application with a court to wind up the company after failed negotiations with creditors, Bloomberg reported Saturday.
In a filing to the Singapore Exchange, judicial managers from Borrelli Walsh Ltd. said a debt restructuring could no longer be achieved after talks with creditors failed.
"The remaining value of the Hyflux Group is best realized in a liquidation," the statement said.
Hyflux is a water treatment company listed on the Singapore Stock Exchange and has more than 2,500 employees in Asia Pacific, the Middle East, Africa and the Americas.
It was founded by Olivia Lum, an orphan who went from poverty to build one of Singapore's most successful local brands.
The company was behind Singapore's largest desalination plant that opened in 2013. It operates more than 10 research laboratories in Singapore.
More than three years have passed since Hyflux unexpectedly filed for a court-supervised financial restructuring in May 2018 and faced around S$2.8 billion ($2.1 billion) in investor claims.
Trading in Hyflux securities was suspended by then, when the court-supervised process started.
National water agency the Public Utilities Board took over the company's main water treatment plant two years ago.
Authorities have launched an investigation into the firm and its current and former directors.
Hyflux had received seven bids - including the offer for the entire group, the judicial manager said last month.
Previous reports said all the offers for Hyflux were from overseas companies, The Straits Times reported.
Around 34,000 creditors placed money into the once-high flying company before it began to collapse - in the days when Lum had been likened to an Elon Musk of Singapore, reports said.
In a March report by Bloomberg, it said Hyflux was running out of money following the lengthy restructuring process, with just enough cash to last months from Jan. 31.
