collapses

Hyflux’s $290m deal with Middle Eastern backer collapses

SINGAPORE — Singaporean water company Hyflux announced Friday that a financial restructuring agreement with United Arab Emirates-based utility company Utico is no longer in effect.

Hyflux reached a $290 million deal with Utico last November under which Utico was to have invested cash into the embattled Singaporean company in return for a 95% stake. A creditors meeting was scheduled for April but was postponed due to the novel coronavirus outbreak.

As the economic picture clouded, Utico requested a change in the terms of the agreement on Tuesday and unilaterally announced that instead of the cash it had previously offered to

Read More

Coach company Shearings collapses into administration

Specialist Leisure Group, owner of coach company Shearings, has collapsed into administration, putting around 2,400 jobs at risk.

More than 64,000 bookings have been cancelled as a result.

Travel trade association Abta said the coronavirus pandemic is the main reason for its failure as it battled with thousands of refunds and a stop to new bookings.

EY, the company’s administrator had tried to find a buyer to maintain the travel group as a going concern but it had not been possible.

The Wigan-based company, which also owned National Holidays, Wallace Arnold Travel and Bay Hotels, was founded in 1919 but

Read More