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White knight? What white knight? Dark days loom ahead for Singapore investment community as Hyflux enters its final chapter of its protracted restructuring process. On 17 April, I wrote that Hyflux is on course for a horror finale. That fateful day, PUB issued a 30-day notice to Tuaspring Pte Ltd (TPL) to terminate the Water Purchase Agreement (WPA) and take over the Tuaspring Desalination Plant (TSDP).

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When Hyflux sought bankruptcy protection from the High Court back in February 2018, nobody could have imagined the outcome of today. There were plenty of high hopes as former white knight, SM Investments, had emerged out of nowhere to dangle a $530million rescue mission in late last year. But more