The insolvent water treatment firm Hyflux was set to lose control of its Tuaspring Integrated Water and Power Plant after the water purchase agreement with National water agency PUB terminated on May 17 and PUT was set to assume control of the plant on May 18.

The company's biggest secured creditor, Maybank, has appointed receivers and managers from insolvency firm Ferrier Hodgson to take over the power plant.

Contrary to the reports, Hyflux has also disclosed that it has received a draft term sheet on May 6 from the advisers of United Arab Emirates utility Utico. Utico offered to invest US$400 million in Hyflux. Hyflux advisers are in active discussions with Utico's advisers about the proposed terms of Utico's investment offer. 

Hyflux is also in the process of discussions with Oyster Bay Fund which proposed an investment of US$ 500 million.