Embattled water company Hyflux said Tuesday that it has reached a restructuring agreement with United Arab Emirates-based utility company Utico, which will invest 400 million Singapore dollars ($290 million) and acquire a 95% stake in the Singapore company.

The announcement came as Hyflux faces the deadline for its $2 billion debt moratorium on Dec. 2. The company is to explain the progress of the restructuring negotiations at a court hearing this Friday Nov. 29, where it will seek another extension of the moratorium.

Of the SG$400 million to be invested by Utico, SG$300 million will be used to acquire Hyflux’s shares, while the remaining SG$100 million will be poured in as working capital, according to the statement released by Hyflux.

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