Hyflux Restructuring

With headwind expected to continue weighing on market sentiments, CIMB recommends to switch faith into these five MY stocks. SINGAPORE — Hyflux on Thursday (April 4) cancelled a restructuring agreement with the Salim-Medco consortium SM Investments (SMI), saying it has "no confidence" the Indonesian investor will. United Arab Emirates-based Utico FZC said on Thursday it was confident a restructuring deal with Singapore's indebted Hyflux Ltd could be reached, after the two sides earlier issued conflicting. Hyflux subsequently sued SM investments for its repudiation of the rescue deal and for the deposit of S$38. Speaker: Toh Zhi Qi With the clock ticking down towards 5th April, we will be taking a look at the debt-ridden Singapore firm Hyflux's restructuring plan, which has received plenty of media. PUB says it will help. pdf from MA 1101R at National University of Singapore. Both companies are, however, in advanced discussions and. 7%, under the company's newly announced restructuring proposal. MUSCAT, April 6, 2015. Should you require more clarification or information, please contact Hyflux’s support hotline at (+65) 3157 7999 from Monday to Friday, 9am to 5pm (Singapore time) Thank you. All of the meetings with Hyflux stakeholders, which had been set for 5 and 8 April, and the planned extraordinary general meeting (EGM), which had been. Why Hyflux bring in a white knight, as they are actually a dark knight in restructuring as bond and shareholders will be severely diluted. Utico inks restructuring agreement with Hyflux The utility firm assured that they will take "swift action" on Hyflux's projects. 7 million contract awarded by AWDEC in April this year for a similar project at the same location, which Hyflux says AWDEC is pleased with thus far based on the project’s first phase of progress. SINGAPORE: United Arab Emirates-based utility Utico FZC said it had agreed a restructuring deal with Singapore’s indebted water treatment firm Hyflux Ltd, giving it 88% of the company. Hyflux is also engaging potential financiers on securing fresh/rescue financing as part of the reorganisation process. “For homegrown successes like Hyflux whose business continues to be relevant for Singapore’s future economy, the enhanced restructuring regime is conducive to pursuing a swift and. The restructuring plan will need to be approved by April 5 by at least 50 per cent in number and 75 per cent in value of each creditor class. Get India stock market quotes, stock quote news india, latest share prices for HYFL_p. Hyflux says restructuring deal still on despite 'certain disagreements' with investor More Related ArticlesHyflux's reluctant white knight should not use PUB… by The Business Times March 22, 2019 PUB to Salim-Medco: Don't use us as excuse to pull out of Hyflux dealSias has written an open letter to PUB about its… by TODAYonline March 26, […]. I am pretty sure many readers will be following the Hyflux restructuring. Hyflux would like to express our appreciation to all stakeholders for their patience and willingness to engage with us and consider the proposals throughout this reorganisation process. Hyflux has released its offer to bondholder, perpetual holders towards restructuring of the company after the Tuaspring's offer. Most recently, Hyflux on Monday said it has obtained approval from secured lender Maybank to extend the timeline for the divestment of the Tuaspring integrated water and power plant. Hyflux’s restructuring agreement with SMI has a long-stop date of 16 Apr 19. ‘We Have Not Lost Faith’_ Hundreds of Hyflux Investors - Free download as PDF File (. 1 billion) debt restructuring plan. 0% It looks like out of all the securities listed on the SGX, I just so happen to go out of my way and spend my time and effort to publicly shit all over 2 companies (Noble and Hyflux), way in advance before they go bust. The company is expected to file documents with the city-state’s courts that will include details on its restructuring plan. The proposal would reduce the company. In October, Hyflux said a consortium comprising the Salim Group and. CNA looks back at how the ambitious project started - and then floundered. 54 for every S$1,000 invested, Channel NewsAsia reported on Feb 16, 2019. HYFXY Other Operating Expense explanation, calculation, historical data and more. MUSCAT, April 6, 2015. Most noteholders seemed more easily comforted by what they heard and their question-and-answer session ended early. Read the…. 7 million contract awarded by AWDEC in April this year for a similar project at the same location, which Hyflux says AWDEC is pleased with thus far based on the project’s first phase of progress. “ Investor Shareholder’s Loan ” : The shareholder’s loan granted by the Investor to the Company for a principal amount of S$130,000,000. Management has also stressed that Hyflux’s restructuring plan cannot be compared against the debt extension option pursued by another troubled oil and gas (O&G) firm, Ezion Holdings as Hyflux’s contingent liabilities are tied to project payments relating to the EPC business. 26 per cent share of the reorganised company. The two recent (and ongoing) cases, of Hyflux and IM Skaugen, provide valuable guidance on the application of key provisions in Singapore's new restructuring regime, which came into effect on 23 May 2017. The restructuring plan will need to be approved by April 5 by at least 50 per cent in number and 75 per cent in value of each creditor class. Peak Year 2017 – A Recap We will remember 2017 as the peak default year for the Singapore corporate bond market with just under S$2 bio worth of bonds come under some form of restructuring, 9 oil and gas related names, leaving no oil and gas company with bonds outstanding spared. SINGAPORE: The holders of Hyflux’s perpetual securities and preference shares will get back slightly more cash under a rejigged restructuring plan, but experts are split on whether the improved. The troubled company owes $900 Mn in principal value to perp and preference shareholders who were told last month they would lose everything if the company is liquidated. 74% of shares in total under the restructuring plan. On March 30, a planned protest against Hyflux's restructuring plans took place at Hong Lim Park from 3pm to 4pm, consisting of the. Announcements & News Releases. Hyflux: Hyflux announces third potential investor, with letter of interest to acquire overseas assets Hyflux has received a non-binding letter of interest from a potential investor, the water treatment firm said on Wednesday (May 15) in an update of its ongoing restructuring process. Page 3 of 7 - Hyflux RPCS aka Securities - posted in Lite & EZ: no one had an ans for my qn? they win bids that left competitors scratching their heads, wondering how to get it done at such low costs. Moody's points out that 68% of Hyflux's debt is unsecured, with 51% in unsecured bank loans. Hyflux scraps restructuring plan after spats with investors Bloomberg 4/04/2019, 6:30pm (Apr 4): One of Singapore's highest-profile corporate debt restructurings was thrown into disarray on Thursday, as embattled water and power company Hyflux scrapped a pact with its would-be saviour. Creditors are set to vote on the restructuring plan April 5. See the complete profile on LinkedIn and discover Wen-Hao’s connections and jobs at similar companies. Retail investors now face as much as 90%-97% loss of their investment capital with. The scheme presented to the Singapore High Court on Feb 21 was also based on the same terms, while subsequent tweaks to the scheme to give minority. Creditors are set to vote on the restructuring plan April 5. Mandarin Oriental, Singapore has launched its Singapore by Sidecar package. “For homegrown successes like Hyflux whose business continues to be relevant for Singapore’s future economy, the enhanced restructuring regime is conducive to pursuing a swift and. Angry investors stormed the Hong Lim Park Speakers’ Corner yesterday (30 Mar), demanding “justice” for their investment losses due to the collapse. Hyflux is a company, a separate legal entity. The approval would have allowed the group. The latest extension was announced last week and came courtesy of the Singapore Exchange (SGX), which has granted Hyflux more time to report its. Just review the week, for instance, and the ugly US midterm elections and the anger in the air that has not spared even Singapore as we read about some website and Facebook who would not back down from anti-Singapore government rhetoric. Utico also plans to relist Hyflux after restructuring by the end of 2019 or early next year, he said. Due to the current non-default of rental payments, we have not factored any impact into our numbers and maintain our forecasts pending greater clarity on the outcome of Hyflux’s restructuring. Once lauded as a national champion running a strategically important water source for the city-state, Hyflux is now under a court-supervised restructuring process that could wipe out the holdings. What is the extent of Hyflux's debt obligations?. " Lum's entire stake in Hyflux represents about 34 percent or slightly over a third of the company's ordinary shares. Lum and the board of directors said all their preference shares and. Facing growing criticisms for what some have termed an opaque process placing a disproportionate burden on unsecured creditors, Singaporean water treatment company Hyflux has asked a court to schedule scheme meetings for a restructuring plan it revealed over the weekend. With headwind expected to continue weighing on market sentiments, CIMB recommends to switch faith into these five MY stocks. Hyflux perpetual, preference shareholders to get $27m in cash, 10. HYFXY Other Operating Expense explanation, calculation, historical data and more. Spotify is now a music-making market, because it buys New York-based…. Hyflux Update Hyflux Update: On 27 August, UAE-based Utico FCZ said that it had “signed and released” a restructuring agreement that would give the UAE-based company 88 percent ownership of Singapore’s Hyflux Water Desalination Report, 09-09-2019. I am pretty sure many readers will be following the Hyflux restructuring. SM Investments (SMI) will not agree to a variation of the terms of the restructuring agreement with Hyflux, in order to accommodate the termination of the water purchase agreement (WPA) with the Public Utilities Board. Once lauded as a national champion running a strategically important water source for the city-state, Hyflux is now under a court-supervised restructuring process that could wipe out the holdings. Hyflux has released its offer to bondholder, perpetual holders towards restructuring of the company after the Tuaspring's offer. Hyflux's retail investors are making their unhappiness heard. Read more. Hyflux, regarded as one of Singapore’s most successful business stories in its better days, has been under court-supervised restructuring for more than a year now. SINGAPORE: As Hyflux’s bid to restructure its debt continues, authorities have been keeping a close eye on developments around one of the Find in Members Find in Channels. Creditors are set to vote on the restructuring plan April 5. Hyflux scraps restructuring plan after spats with investors Bloomberg 4/04/2019, 6:30pm (Apr 4): One of Singapore's highest-profile corporate debt restructurings was thrown into disarray on Thursday, as embattled water and power company Hyflux scrapped a pact with its would-be saviour. 54, or an implied return rate of 10. Business News - United Arab Emirates-based utility provider Utico said it has "signed and released" a restructuring deal with Hyflux which will give it 88 per cent of the distressed water. They hum chee after the last voting. The announcement follows the $110. Hyflux's former success had won accolades for its founder, an orphan who left a career in pharmaceuticals to start her own business with S$20,000 raised from selling her car and apartment. The group of banks, who are owed $648. SIAS clears position on Hyflux restructuring deal 30 Sep 2019 - Singapore Business Review The association clarifies that it is not backing the deal "at this stage". Mar 30, 2019 · Investors who bought into S$900 million of Hyflux's perpetual securities have been angered by the steep haircut that would be imposed by the company under its S$2. Hyflux is currently under a court-supervised restructuring process and its rescue by an Indonesian investor has been thrown into doubt after the investor pulled out of talks on a deal. The Company operates through two segments: Municipal and Industrial. More than 100 retail investors of Hyflux perpetual securities and preference shareholders - many of whom were elderly - protested against the company's restructuring plan and recent developments. Once lauded as a national champion running a strategically important water source for the city-state, Hyflux is now under a court-supervised restructuring process that could wipe out the holdings of tens of thousands of retail investors. Angry investors stormed the Hong Lim Park Speakers’ Corner yesterday (30 Mar), demanding “justice” for their investment losses due to the collapse. SM Investments terminates Hyflux rescue deal, both parties suing each other In addition to suing SMI, Hyflux is also claiming the S$38. I am confused with the statement by the environment minister that electric cars are about “lifestyle” and does not help to combat climate change. Sias chief calls for answers as Hyflux debt revamp drags on. The Singapore-based water treatment and power firm posted, last year, its first annual loss since listing. "The restructuring agreement is therefore terminated and the company intends to take all necessary action in connection with such termination," Hyflux said. On March 30, a planned protest against Hyflux's restructuring plans took place at Hong Lim Park from 3pm to 4pm, consisting of the. Hyflux will engage with creditors on the intended scheme of arrangement to obtain their buy-in. Previously, SMI had signaled the right to terminate a restructuring agreement that was signed with Hyflux on October 18, 2018 then if Hyflux did not overcome the default of its subsidiary, Tuaspring Pte Ltd, in two weeks. The package includes a stay at any of the property’s Ocean View rooms, daily breakfast for two at Melt Café and an afternoon tea at its dining venue, MO bar. Hyflux has been the talk of the town lately due to its cash flow problems which triggered a restructuring process. Upon change of control (entry of SM Investments as majority owner), Hyflux is expected to repay all bank loans. Hyflux's Indonesian restructuring partner, a consortium led by Salim Group, has hinted it may withdraw from the rescue deal. Hyflux: Hyflux announces third potential investor, with letter of interest to acquire overseas assets Hyflux has received a non-binding letter of interest from a potential investor, the water treatment firm said on Wednesday (May 15) in an update of its ongoing restructuring process. Upon the completion of the restructuring all of the South-East Asian operations of the Modern Access group of companies are held directly by AusGroup Limited… Hyflux: Reports Positive Earnings Growth Momentum In 2Q FY09. "The investor was identified by the company through a competitive bidding process undertaken by the company as part of its restructuring plans," Hyflux said, adding that the investors would also. He also stated that this was predicated to Hyflux signing a binding agreement and subject to the court granting a moratorium to complete a desirable restructuring in time. HYFLUX: Receives Letter Of Intent For Second Contract For Seawater Reverse Osmo. Once lauded as a national champion running a strategically important water source for the city-state, Hyflux is now under a court-supervised restructuring process that could wipe out the holdings. This process is getting more and more hot after it announced the details of its restructuring plan. A third round of town hall. Sias clarifies it does not support Hyflux restructuring agreement 'at this stage' THE Securities Investors Association (Singapore) or Sias clarified on Sunday in a statement that it does not, in fact, support the Hyflux restructuring agreement by potential white knight Utico at. Acting for an informal steering committee of holders of USD 150 million, 8. View historical HYF stock price data to see stock performance over time. 26% share capital under just-filed restructuring plan. SINGAPORE - Hyflux chief executive Olivia Lum has volunteered to contribute her entire stake of 267 million Hyflux shares and securities as part of a proposed restructuring plan for the troubled. "The investor was identified by the company through a competitive bidding process undertaken by the company as part of its restructuring plans," Hyflux said, adding that the investors would also. The water treatment firm is being closely watched given Singapore’s ambitions to become a hub for the restructuring of troubled companies in Asia. This is because perpetual bonds and preference shares are subordinate to senior debt and other bonds. Hyflux’s waste-to-energy project in Tuas ‘closely’ monitored by NEA as firm’s restructuring drags on SINGAPORE: As Hyflux’s bid to restructure its debt continues, authorities have been keeping a close eye on developments around one of the company’s assets – a waste-to-energy plant in Tuas that is on the cusp of completion. Hyflux will be changing the terms of its restructuring scheme to provide higher recovery to the holders of the company's perpetual securities and preference shares. In his latest media statement on Saturday (Sept21), Sias chief David Gerald said the investors' rights advocacy group is "fully supportive" of the company's request for a two-month extension to facilitate negotiations with potential white knight Utico with. Once lauded as a national champion running a strategically important water source for the city-state, Hyflux is now under a court-supervised restructuring process that could wipe out the holdings. If one looks at the latest valuation of Hyflux post restructuring, based on the 1 March court affidavits. Query Hyflux’s Response When will Hyflux announce its reorganisation plans? When do I know if I am getting my money back? The reorganisation process, being court-supervised, is a structured one that will include court orders and directions setting various milestones in the process. Announcement: Moody's: Hyflux's restructuring is credit-negative, but not indicative of riskier bank exposures to Singapore power generation firmsRead the f. Hyflux raised $400 million from perpetual preference shares in 2011 and $475 million in perpetual capital securities in 2014. "The investor was identified by the company through a competitive bidding process undertaken by the company as part of its restructuring plans," Hyflux said, adding that the investors would. 54, or an implied return rate of 10. He asked: "Couldn't PUB have waited till the outcome of the restructuring, Earlier, SIAS had urged Hyflux to chase Salim-Medco for updates on the rescue deal in another open letter. 75% senior secured bonds due 2018 in relation to Miclyn Express Offshore Pte Ltd’s restructuring exercise. Utico is picking up a stake of 88 per cent in Hyflux, setting the way for the restructuring of the Singaporean company, a joint statement by both companies filed on the Singapore Stock Exchange. globalwaterintel. Hyflux Partners Wildlife Reserves Singapore in Go Green for Wildlife Campaign. "The 34,000 registered holders of Hyflux perpetual securities and preference shares, who are owed $900 million, will receive a total of $27 million. The group of banks, who are owed $648. 1 billion at a price of $667 million in implied value. “This was a repudiatory breach of the agreement by Hyflux entitling SMI to terminate the restructuring agreement,” said SMI. Hyflux to 'engage exclusively' with Utico until Aug 26 for a rescue deal. Become a member for free. Read more. Acting for an informal steering committee of holders of USD 150 million, 8. The Securities Investors Association (Singapore) or Sias is seeking an update on debt-ridden water treatment firm Hyflux's restructuring. 09 Total Return: -41. Manoj Pillay Sandrasegara is the partner of the Restructuring and Insolvency Practice who is advising Hyflux in its US$2. I've been following the recent Hyflux saga with much interest. Hyflux Ltd - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. SI) said no definitive restructuring deal with Utico FZC has been reached yet after the United Arab Emirates-based utility company said a deal had been agreed where it would take 88% of the water treatment firm. Malcolm has 3 jobs listed on their profile. Published April 27, 2019 By Mak Yuen Teen. Hyflux said SM Investments (SMI) has terminated its investment for the restructuring deal of the embattled utilities firm, an announcement revealed. Why Hyflux bring in a white knight, as they are actually a dark knight in restructuring as bond and shareholders will be severely diluted. HYFLUX LTD Company Registration No. Read the…. The sale of a controlling stake in Hyflux to foreign entities will need waivers from national water agency PUB and other authorities. Singapore's indebted Hyflux Ltd said no definitive restructuring deal with Utico FZC has been reached yet after the United Arab Emirates-based utility company said a deal had been agreed where it would take 88% of the water treatment firm. For ordinary shareholders, perhaps they will be the worst hit as it is unlikely that Hyflux will turnaround its business in the near term. In short, with conditions being fulfilled, they would pump in $400 million to own 60% of Hyflux, shareholder's loan $130 million to Hyflux and before completion of the deal ,loan of $30 million as working capital rescue financing. Moreover, Singapore’s Public Utilities Board said this month it would seize Hyflux’s flagship desalination plant without payment if the troubled company could not meet contractual obligations. On that day, the company's creditors will take a vote on its restructuring plan—either they take a workout deal or possibly lose their. Hyflux's restructuring agreement with SMI has a long-stop date of 16 Apr 19. Moody's conclusions are contained in its just-released report titled "Banks — Singapore: Restructuring of Singapore's Hyflux is negative for its creditors," and is authored by Tarzimanov. Noting several disagreements between its investor and itself, Hyflux continued to. txt) or read online for free. not vested RHB Research: Hyflux, Maybank unlikely to accept 'too low' of a bid by Sembcorp by Wong Ee Lin KUALA LUMPUR (Oct 3): While news reports have stated that Sembcorp Industries Ltd has emerged as the sole bidder for Hyflux Ltd's Tuaspring project with the offer believed to be below book value (BV), RHB Research Institute Sdn Bhd believes Hyflux and Malayan Banking Bhd (Maybank) are. In his latest media statement, Sias chief David Gerald said the investors' rights advocacy group is "fully supportive" of the company's request for a two-month extension to facilitate negotiations with potential white knight Utico with a view to finalise and. In his latest media statement, Sias chief David Gerald said the investors' rights advocacy group is "fully supportive" of the company's request for a two-month extension to facilitate negotiations with potential white knight Utico with a view to finalise and execute the proposed restructuring agreement. SUCCESSFUL RESTRUCTURING OF LOAN FOR TIANJIN DAGANG PLANT. connection with the Restructuring Agreement. Upon the completion of the restructuring all of the South-East Asian operations of the Modern Access group of companies are held directly by AusGroup Limited… Hyflux: Reports Positive Earnings Growth Momentum In 2Q FY09. Hyflux announced it was terminating the restructuring plan with SM Investments in the exchange filing after that. 26% share capital under just-filed restructuring plan. “This adds to the urgency and pressure on Hyflux and its creditors to pass the restructuring plan,” said Ang Chung Yuh, a senior fixed-income analyst at iFast. com/?q=whi escue-deal Hyflux survival in doubt as investor deal collapses. In this respect, he is currently acting for Hyflux Ltd in its US$2. UAE utilities firm Utico has signed and released its restructuring agreement with struggling water treatment firm Hyflux in a deal that would allow the white knight investor to hold 88% of the. At its December 2008 meeting the Clarcor Inc board of directors declared a regular quarterly dividend of US$0. Utico says has inked restructuring agreement with Hyflux. Hyflux intends to take steps to secure sufficient cash to complete and deliver on existing projects and operations, both domestic and abroad. SINGAPORE (Mar 18): Hyflux’s restructuring agreement with investor SM Investments may be aborted if defaults by Hyflux subsidiary Tuaspring Pte Ltd (TPL) are not remedied within two weeks. Unfortunately, things go out of its prediction, that when the Tuaspring was completed, the decline in electricity prices leading a result in poor operating income. A third round of town hall. 54 for every S$1,000 invested, Channel NewsAsia reported on Feb 16, 2019. United Arab Emirates utility Utico FZC has extended a deadline for entering into a binding agreement with debt-ridden water treatment firm Hyflux to June 27, according to a Singapore Exchange filing yesterday. Hyflux Scraps Its Restructuring Plan After Spats With Investors One of Singapore's highest-profile corporate debt restructurings was thrown into disarray on Thursday, as embattled water and power company Hyflux Ltd. Once lauded as a national champion running a strategically important water source for the city-state, Hyflux is now under a court-supervised restructuring process that could wipe out the holdings. Business Times 14d. View historical HYF stock price data to see stock performance over time. “Barring a new investor emerging before the court moratorium ends on April 30, we. COMMENTARY Can the Hyflux restructuring be resurrected? The focus now should be for stakeholders and creditors to give the firm time and space to find an alternative white knight by the end of April Thu, Apr 11, 2019 - 5:50 AM. Hyflux will be holding a meeting with its creditors on 5 Apr as a part of its financial restructuring process. one wonders whether the approach is sustainable. Hyflux said the investor “is aware of the urgency of the restructuring” and intends to invest “on a win-win basis”. 54 for every S$1,000 invested, Channel NewsAsia reported on Feb 16, 2019. SI) said no definitive restructuring deal with Utico FZC has been reached yet after the United Arab Emirates-based utility company said a deal had been agreed where it would take 88% of the water treatment firm. Utico says it inked deal worth up to $535m with Hyflux The Straits Times - 27 Aug 2019 United Arab Emirates-based utility provider Utico said it has "signed and released" a restructuring deal with Hyflux that will give it 88 per cent of the distressed water treatment firm. Utico plans to keep Hyflux’s key entities “intact and operational”, retain the group’s current management and reach “an amicable deal” with creditors and investors, according to the announcement. Hyflux would like to express our appreciation to all stakeholders for their patience and willingness to engage with us and consider the proposals throughout this reorganisation process. Most noteholders seemed more easily comforted by what they heard and their question-and-answer session ended early. 1 billion) debt restructuring plan. Under a debt restructuring plan proposed by Hyflux in February, about 34,000 retail investors would lose nearly 90% of their funds. Hyflux Ltd, a leading provider of integrated water management and environmental solutions, has been formally awarded the Qurayyat independent water project by Oman Power and Water Procurement Company (OPWP), following the signing of the water purchase agreement between OPWP and Hyflux's subsidiary,. SINGAPORE (Mar 18): Hyflux's restructuring agreement with investor SM Investments may be aborted if defaults by Hyflux subsidiary Tuaspring Pte Ltd (TPL) are not remedied within two weeks. It is generally felt that the company is creating further uncertainty by not issuing the revised scheme document to the creditors incorporating the SIAS proposal to share in the upside from the Contingent Claims. "The company has attempted on multiple occasions to meaningfully engage with the investor on its assertions on the restructuring agreement," Hyflux said in a filing to SGX midday Thursday. Under the proposed restructuring plan: Holders of Hyflux perpetual securities and preference shares, who are owed $900 million, will receive a total of $27 million in cash and a 10. Should the company’s SOA fail to pass its creditors, there is a risk that SMI may withdraw from the deal. In a filing with the Singapore Exchange on…. This values Hyflux at S$667 million. ShareJunction is a FREE Singapore Stocks, Shares, Investment and Finance portal providing share, stock investors and traders forum, charts, news, email alerts, price quotes and market data for SGX shares. 09 Total Return: -41. The package includes a stay at any of the property’s Ocean View rooms, daily breakfast for two at Melt Café and an afternoon tea at its dining venue, MO bar. Nanyang Business School. On May 3, Hyflux announced it had received a non-binding letter of intent from Utico FZC, a Middle Eastern investor, for a possible injection of $400 million. Under the company's restructuring proposal, a holder of Hyflux's perpetual securities and preference shares will recover S$106. Also, Hyflux said on March 18 that if PUB terminated the WPA with Tuaspring, this would allow the investor to terminate the Restructuring Agreement if they wanted to. Hyflux, which is currently under a court-supervised restructuring process, was to receive S$30 million as interim working capital until the deal was completed. The latest extension was announced last week and came courtesy of the Singapore Exchange (SGX), which has granted Hyflux more time to report its. This is because perpetual bonds and preference shares are subordinate to senior debt and other bonds. Listed on the SGX Mainboard after upgrading its listing status from Catalist in 2013, Goodland Group (Goodland) is a property developer that is flying under the radar as many investors have yet to take notice. The Business Times published a letter from a reader calling on Singapore to nationalize the plant, saying Hyflux may be worth as much as a commodity trader that. Hyflux said in a filing that it disputes certain assertions by SM Investments, the consortium of Indonesian businessmen that had agreed last year to take a majority stake in the firm. Utico would provide working capital and any urgent interim funding to Hyflux as part of the offer, Richard Menezes said. MUSCAT, April 6, 2015. SINGAPORE (Mar 18): Hyflux’s restructuring agreement with investor SM Investments may be aborted if defaults by Hyflux subsidiary Tuaspring Pte Ltd (TPL) are not remedied within two weeks. The obvious one would be whether the contract between Hyflux and SMI had been breached and if so, what exactly is the breach. The following day, Olivia Lum confounded investors by announcing the termination of a key restructuring plan with white knight, Salim-Medco consortium SM Investments. Hyflux CEO Olivia Lum will be giving up her founding stake as part of a restructuring deal, according to prepared remarks. Singapore—While reports emerged that United Arab Emirates-based utility Utico had already struck a restructuring deal with beleaguered water-treatment firm Hyflux on Wednesday, August 28, Hyflux. Why Hyflux bring in a white knight, as they are actually a dark knight in restructuring as bond and shareholders will be severely diluted. Hyflux says restructuring under threat, cites PUB default notice Hyflux and Tuaspring have until 1 April to resolve all defaults or PUB will take control of the plant. Extension Of Moratorium To 2 December 2019. PUB says it will help. 81 billion in claims altogether, including facilities claims, contingent claims, and trade and other claims. Utico is picking up a stake of 88 per cent in Hyflux, setting the way for the restructuring of the Singaporean company, a joint statement by both companies filed on the Singapore Stock Exchange. Water is a critical asset to Singapore and NEWater together Desalinated Water formed two of Singapore much vaulted "Four National Taps". Hyflux perpetual bond price when last traded: $0. Manoj Pillay Sandrasegara is the partner of the Restructuring and Insolvency Practice who is advising Hyflux in its US$2. Business Times 24d. Once lauded as a national champion running a strategically important water source for the city-state, Hyflux is now under a court-supervised restructuring process that could wipe out the holdings. Hyflux will be changing the terms of its restructuring scheme to provide higher recovery to the holders of the company's perpetual securities and preference shares. MAYBANK, Hyflux's largest secured lender, has agreed to give the water project developer until Oct 15 to find a buyer for the Tuaspring integrated water and power plant and ink a binding. HYFLUX: Receives Letter Of Intent For Second Contract For Seawater Reverse Osmo. Utico supports further extension of Hyflux debt moratorium provided no 'value leakage' Hyflux earlier clarified on Aug 28 that parties had yet to resolve "final outstanding issues" in the draft agreements. Hyflux’s financial restructuring revolves around the sale of Tuaspring. : 200002722Z (Incorporated in the Republic of Singapore) VOTING ON 5 APRIL 2019 FOR SCHEME OF ARRANGEMENT FOR HYFLUX LTD. Hyflux, which is under a court-supervised restructuring process, was once considered a national champion running a strategically important water source for the city-state. Lastly, SIAS hopes that Hyflux can “cast their net as wide as possible to maximize the chances of success”. Our Restructuring Services Group specialises in providing in-depth business and financial advisory to various stakeholders in the areas of corporate restructuring and business recovery. Finally, Hyflux unveiled the so called Scheme of Arrangement under the court protection restructuring plan on 16 Feb which affecting more than 34,000 (mostly retail investors) registered holders. 7%, only 3% is paid in cash and the other in shares of Hyflux. Upon the completion of the restructuring all of the South-East Asian operations of the Modern Access group of companies are held directly by AusGroup Limited… Hyflux: Reports Positive Earnings Growth Momentum In 2Q FY09. 26% of the restructured company + a $27. COMPANY WATCH 10 Filtration Industry Analyst March 2011 Hyflux Ltd, Singapore Key Figures (S$ million) Fourth quarter ended 31. Even Hyflux owes billions, no one can touch her assets. 0% Perpetual Capital Securities that was scheduled on 28 May 2018. Singapore's indebted Hyflux Ltd said no definitive restructuring deal with Utico FZC has been reached yet after the United Arab Emirates-based utility company said a deal had been agreed where it. 18 October 2018, Singapore - SM Investments Pte Ltd, a consortium comprising the Salim Group and. SINGAPORE — Singapore's indebted Hyflux Ltd said no definitive restructuring deal with Utico FZC has been reached yet after the United Arab Emirates-based utility company said a deal had been. Hyflux has contingent claims and “the greatest source of uncertainty” for senior bondholders could be the claims that are eventually accepted, according to a DBS Group Holdings Ltd. Scheme Documents. For Securities in the announcement. Would-be Hyflux white knight Utico to open Singapore office as part of regional growth plan. Hyflux is now under a court-supervised restructuring process that could wipe out the holdings of tens of thousands of retail investors Tourists shield themselves with umbrellas from the sun in Singapore May 24, 2018. Did you study accounting before? What have all these got to do with accounting? Even taxi drivers know such simple stuffs. Utico had given Hyflux a June 27 deadline for. Once lauded as a national champion running a strategically important water source for the city-state, Hyflux is now under a court-supervised restructuring process that could wipe out the holdings. Utico says has inked restructuring agreement with Hyflux TUE, AUG 27, 2019 - 8:21 AM UTICO said on Tuesday morning that it had "signed and released" a restructuring agreement with Hyflux on Monday which will give it 88 per cent of the debt-laden water treatment firm. Hyflux said Ms Lum has volunteered to “relinquish all rights” to any management retention shares that would otherwise be awarded to her as a result of the restructuring process. On that day, the company’s creditors will take a vote on its restructuring plan—either they take a workout deal or possibly lose their. 26% share capital under just-filed restructuring plan. This protection will allow them to focus on the pressing issues of restructuring their business. Hyflux says restructuring deal still on despite ‘certain disagreements’ with investor SINGAPORE: Despite recent disagreements, Hyflux’s potential white knight has not indicated that it would back. Read more. txt) or read online for free. Distributed by Public, unedited and unaltered, on 18 October 2018 09:52:03 UTC. Debt-ridden local water treatment firm and genco Hyflux is commencing civil proceedings against Indonesian consortium Salim-Medco Group over a “repudiation of the restructuring agreement” inked last Oct. Hyflux is still suspended at the time of writing at $0. If this restructuring plan is approved, all of the interests of mine and the other board members in Hyflux will be given solely to this group. PUB says it will help. said its chief executive officer Olivia Lum volunteered to contribute her entire stake of 267 million shares and other securities in the embattled water-treatment company as part of a. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Our Restructuring Services Group specialises in providing in-depth business and financial advisory to various stakeholders in the areas of corporate restructuring and business recovery. Moody's conclusions are contained in its just-released report titled "Banks — Singapore: Restructuring of Singapore's Hyflux is negative for its creditors," and is authored by Tarzimanov. CNA looks back at how the ambitious project started - and then floundered. 26% of the restructured company + a $27. Read more. THE Securities Investors Association (Singapore) or Sias is seeking an update on debt-ridden water treatment firm Hyflux's restructuring. 12 Oct 2018. Business Times 24d. HYFLUX'S restructuring, which may include a combination of haircuts, debt maturity extension, or interest rates adjustments, could lead to financial losses for creditors, Moody's Investors Service said in a research report released on Friday. The proposal would reduce the company. He also stated that this was predicated to Hyflux signing a binding agreement and subject to the court granting a moratorium to complete a desirable restructuring in time. The utility firm's initial public offering is contingent on it acquiring Hyflux, but that condition could change over time, Menezes said. The Securities Investors Association (Singapore) (SIAS) has clarified that it does not back Hyflux's restructuring agreement as the company has yet to reach a finalised deal, it said in a media statement. Shareholders and securities holders will be provided with the intended reorganisation plan before any meeting is held for considering and voting on the plan. HYFLUX LTD Company Registration No. Unfortunately, things go out of its prediction, that when the Tuaspring was completed, the decline in electricity prices leading a result in poor operating income. Hyflux says restructuring deal still on, disputes investor's reasons for pull-out Noting several disagreements between its investor and itself, Hyflux continued to stress that it has the intention to proceed with the scheme meetings scheduled next month. Regardless of how good your product, service, or app is, it’s only useful when you can get it into the hands of your target customers. One of the top law firm in Singapore with many of the brightest in the legal profession also there. 7%, only 3% is paid in cash and the other in shares of Hyflux. Hyflux: Hyflux announces third potential investor, with letter of interest to acquire overseas assets Hyflux has received a non-binding letter of interest from a potential investor, the water treatment firm said on Wednesday (May 15) in an update of its ongoing restructuring process. Read the…. SINGAPORE, Aug 27 (Reuters) - United Arab Emirates-based utility Utico FZC said on Tuesday it had agreed a restructuring deal with Singapore's indebted water treatment firm Hyflux Ltd , giving it. * Hyflux in midst of court-supervised restructuring * Regulators reviewing if Hyflux breached any laws * Hyflux has debts of $1. UAE utilities firm Utico has signed and released its restructuring agreement with struggling water treatment firm Hyflux in a deal that would allow the white knight investor to hold 88% of the. SINGAPORE - Alleged differences within the Hyflux board over advisers' fees, board representation and management oversight were cited by potential white knight Utico as reasons why the restructuring deal has not been signed by the embattled water treatment firm. 15 Oct 2018. SINGAPORE (Feb 16): Hyflux said its chief executive officer Olivia Lum volunteered to contribute her entire stake of 267 million shares and other securities in the embattled water-treatment company as part of a restructuring plan. SINGAPORE (Reuters) - Hyflux Ltd's chief executive officer has offered to give up her shares and other securities in the water treatment firm as part of a proposed restructuring plan, the company said over the weekend. Wen-Hao has 7 jobs listed on their profile. Hyflux previously asserted its right to lay claim to the $38. Hyflux, which is currently under a court-supervised restructuring process, was to receive S$30 million as interim working capital until the deal was completed. In his latest media statement, Sias chief David Gerald said the investors' rights advocacy group is "fully supportive" of the company's request for a two-month extension to facilitate negotiations with potential white knight Utico with a view to finalise and. Hyflux said on Friday that contrary to recent media articles discussing purported details of a formal restructuring plan, the troubled water-infrastructure player isn't ready to announce a finalized and definitive restructuring proposal for its creditors. Hyflux has released its offer to bondholder, perpetual holders towards restructuring of the company after the Tuaspring's offer. Hyflux has released its offer to bondholder, perpetual holders towards restructuring of the company after the Tuaspring's offer. Both parties could be mired in a. Hyflux's business is capital-intensive and he said he wants to make sure it is ready to move forward after the restructuring is completed. Look, you are a preference SHAREholder, if you are sharp, today's announcement is meant for you and ordinary SHAREholders. SINGAPORE -- Hyflux creditors will ask the Singapore High Court to appoint new managers to guide a restructure of the troubled water treatment company. The 34,000 registered holders of Hyflux perpetual securities and preference shares, who are owed $900 million, will receive a total of $27 million in cash and a 10. Once lauded as a national champion running a strategically important water source for the city-state, Hyflux is now under a court-supervised restructuring process that could wipe out the holdings. The legal team seems to be from Wong Partnership. On March 30, a planned protest against Hyflux's restructuring plans took place at Hong Lim Park from 3pm to 4pm, consisting of the. The utility firm assured that they will take "swift action" on Hyflux's projects. This is because perpetual bonds and preference shares are subordinate to senior debt and other bonds. Sias chief calls for answers as Hyflux debt revamp drags on. October 02, 2019 2:16 PM SINGAPORE (THE BUSINESS TIMES) - Middle Eastern full-service utility provider Utico is looking to enter Singapore with an …. COMPANY WATCH 10 Filtration Industry Analyst March 2011 Hyflux Ltd, Singapore Key Figures (S$ million) Fourth quarter ended 31. The proposal would reduce the company.