Do you think that Hyflux will get nationalized? and if so, will the government then help to pay off the bad debt?

I guess when you mentioned government, you're probably referring to Temasek / GIC. Temasek once had a 4+% stake in Hyflux back in 2003 but subsequently reduced it's position to less than 1% in 2005. Therefore I believe it would rather write-off this as a bad debt than to try and rescue it

Nope they will not. If they do that, I will be even more disappointed in our government.