SINGAPORE: Embattled water treatment firm Hyflux has a “credible” revival plan on the table and will apply for an extension of its debt moratorium this week in a bid to work things out, according to the Securities Investors Association Singapore on Monday .
The plan, which will need “at least three months” to materialise, will be a “win” for the aggrieved 34,000 holders of Hyflux’s perpetual securities and preference shares as there is a chance that they will not have to endure haircuts, said SIAS president David Gerald.Mr Gerald was speaking to CNA after a closed-door meeting with Hyflux’s founder-CEO Olivia Lum, directors and a legal advisor from WongPartnership.
He noted that the advisors have come up with a “new way of restructuring the company” – one that would ensure both the senior unsecured creditors, and the “subordinated” perpetual securities and preference shareholders, are “much better off than in a liquidation”. “For the perpetual securities and preference shareholders, they get nothing if there’s no plan. They wanted something reasonable so the company will now keep whole on the book and they will not be asked to take a haircut,” said Mr Gerald, though he declined to speculate how that might be done.
Still, he called for patience and urged all parties to give Hyflux time to work out a plan to avoid liquidation."Given the hard work that’s been put in and the injection of new advisors, I think we can hope for the best," said the president of the investor advocacy group.public protest staged by angry retail investorsThe latter has left market observers speculating that Hyflux is edging towards a liquidation, with its court-sanctioned moratorium set to expire on Apr 30.
Source: Healthcare Press (healthcarepress.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Singaporeans petition President Halimah to appoint a commission of inquiry to look into HyfluxThe online petition comes as shareholders and investors are asking why Hyflux’s audit firm gave the organisation a clean bill of health in its annual reports over the last decade, instead of flagging the risk that Hyflux would become embroiled in...
Source: IndependentSG - 🏆 2. / 72 Read more »
Chances of a new white knight for Hyflux low, say expertsExperts said that the chances of one are low despite the removal of a loss-making asset from Hyflux's books.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Hyflux sues SM Investments; appoints Nicky Tan as adviserHYFLUX could be headed for a debt moratorium extension application as it has added well-known restructuring specialist nTan Corporate Advisory as adviser for its ongoing court-supervised reorganisation process. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Hyflux sues Indonesian consortium SMI, claims S$38.9m deposit made after restructuring dealHyflux filed a writ of summons in the Singapore High Court against the Indonesian consortium of businessmen “to commence an action against the investor for repudiation of the restructuring agreement” as well as to claim a deposit of S$38.9 million
Source: IndependentSG - 🏆 2. / 72 Read more »
Singapore regulators reviewing disclosure issues, accounting practices at Hyflux for potential breachesSINGAPORE: Singapore’s regulators said on Tuesday (Apr 16) that they have commenced a review into Hyflux to see if the debt-laden water treatment ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
SM Investments moves to terminate Hyflux rescue deal in 'accordance with restructuring agreement terms'SINGAPORE — Indonesia's SM Investments on Friday (Apr 19) rejected accusations by Hyflux that it breached a rescue deal that both parties entered into, moving to terminate the plan in “accordance with the terms of the restructuring agreement”.
Source: TODAYonline - 🏆 1. / 99 Read more »
Hyflux racing against time in hunt for new white knightEmbattled water desalination company Hyflux, which appointed heavyweight debt restructuring expert nTan this week as its corporate adviser, is in a race against time to find a new buyer, with one week to file for an extension of its debt moratorium.. Read more at straitstimes.com. You know you don't have to quote someone just for the sake of it.
Source: The Straits Times - 🏆 8. / 63 Read more »
SM Investments to sue Hyflux for alleged breach of agreementFORMER white knight SM Investments (SMI) will sue debt-laden Hyflux for cancelling the S$530 million rescue deal, it said in a statement on Friday. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
SM Investments terminates Hyflux rescue deal, both parties suing each otherIn addition to suing SMI, Hyflux is also claiming the S$38.9 million deposit “placed into escrow shortly after the Restructuring Agreement.” Meanwhile, SMI will be suing Hyflux for cancelling the S$530 million rescue deal
Source: IndependentSG - 🏆 2. / 72 Read more »
Commentary: Hyflux after the perfect stormOnce a star in the water treatment industry, Hyflux had been struck by a series of unfortunate events and some think its fate is sealed, say NUS ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
SM Investments moves to terminate Hyflux rescue deal in 'accordance with restructuring agreement terms'SINGAPORE: Indonesia's SM Investments on Friday (Apr 19) rejected accusations by Hyflux that it breached a rescue deal that both parties entered ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »