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Hyflux
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BestOfBest
Member |
08-Mar-2019 15:00
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Hyfxxx is Dead. Retail investors are fxxxed | ||||
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Starship
Supreme |
08-Mar-2019 14:48
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Ugly news for Hyflux just keeps on coming .........just like Trump' s neverending tweets  .............  Hyflux: 73 parties file proofs of claims worth S$3.51b FRI, MAR 08, 2019 - 11:13 AM UPDATED FRI, MAR 08, 2019 - 12:28 PM SEVENTY-THREE parties have filed proofs of claims against Hyflux amounting to S$3.51 billion, the beleaguered water treatment firm announced in a regulatory filing on Friday. This comes after Hyflux had asked creditors and stakeholders to file proofs of claims ahead of scheme meetings to vote on its debt restructuring plan. The proofs will form a basis to vote on scheme proposals and to receive payments. In particular, the retail investors in Hyflux' s perpetual securities and preference shares have filed proofs for some of the largest claim amounts. Owners of its S$500 million, 6 per cent perpetual securities have filed claims worth S$540.7 million while owners of its S$400 million, 8 per cent preference shares have filed claims worth some S$429.3 million. Hyflux' s medium-term noteholders are also claiming a combined total of S$277.7 million. Project company Tahlyat Myah Magtaa SpA has filed a proof of claim worth S$502.6 million for an EPC (engineering, procurement and construction) contract, and an O& M (operations and maintenance) contract parent guarantee related to Hyflux' s Magtaa desalination plant in Algeria. The Singapore branch of Mizuho Bank is claiming S$183.2 million for a syndicated loan, bilateral loan and project delivery guarantee while KfW Ipex-Bank is claiming S$145.9 million for a guarantee relating to Hydrochem bilateral loans, the filing showed. Other claimants include Bangkok Bank, which is looking to collect S$124.1 million for bilateral loans and HSBC Institutional Trust Services (Singapore) which is claiming S$120.9 million for rent guarantee related to the lease of Hyflux Innovation Centre, and the Hyflux Building at Kallang Bahru. DBS Bank is also seeking S$109.2 million for a syndicated loan, and various EPC contract performance bonds, the filing showed. Its scheme meeting for creditors will be held on April 5, when they will vote on the prposed debt rescue plan. Hyflux is asking perp and pref holders - a group of 34,000 mom-and-pop investors, among them retirees - to accept a 10.7 per cent recovery on their principal under its restructuring deal. Medium-term note holders have been offered a recovery rate of at least 24.5 per cent. Before the vote on April 5, Hyflux is set to meet retail investors in a a third round of townhall meetings on March 13. Earlier this week, Hyflux subsidiary Tuaspring Pte Ltd was slapped with a default notice from the Public Utilities Board (PUB), for failing to keep its desalination plant " reliably operational" as required under the Water Purchase Agreement. PUB&rsquo s notice to Tuaspring comes amid a petition by over 2,000 affected Hyflux retail investors seeking a government bailout. 
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bicycle
Member |
07-Mar-2019 20:38
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According to Hyflux' s affidavit, PUB may terminate the water purchase agreement and exercise its step-in rights to take over TS. In that event, Hyflux would have little to no value to extract from TS. So it seems that PUB can really take over for free. Huat liao. |
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Nainai
Member |
07-Mar-2019 20:37
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Dun be stupid... Singaporean are known to be balless when it come to politic. I dare bet my balls a high percentage of these 34k ppl will still vote PAP.
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simplesimon
Member |
07-Mar-2019 20:34
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Then PAP will lose 340000 votes
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Xvader
Member |
07-Mar-2019 06:23
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Why all here cry and cry but no one make any police report for CPIB to investigate false accounting or civil suit to sue OL to recover their money? 34,000 dumb investors? | ||||
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ysh2006
Supreme |
06-Mar-2019 21:22
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PUB also sign for Chinese coy in Changi reclaimation plant after they build the plant....to produce new water...
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des_khor
Supreme |
06-Mar-2019 18:03
Yells: "Tell me who is God or Market Fortune Teller in this forum ??" |
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Really no brain agreement ! Hyflux should ask for like LTA build railway track and run by SBS and SMRT . PUB should build water plant and run by water company ...
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gravity8888
Supreme |
06-Mar-2019 15:39
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Hiax I will vote to liquidate the company | ||||
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Observers
Elite |
06-Mar-2019 15:25
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I would tend to believe not just Tuaspring desalination plant have this type of " no brain" agreement but all the water plants in Singapore, where PUB is the offtaker, have this kind of agreement.
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bicycle
Member |
06-Mar-2019 13:13
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Yes free after 2038. Its BOT, Build, Operate, Transfer model. | ||||
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Starship
Supreme |
06-Mar-2019 13:12
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Ugly news from this ugly stock every day.................. PUB to take over Tuaspring plant if latter' s defaults not resolved WED, MAR 06, 2019 - 5:50 AM HYFLUX subsidiary Tuaspring Pte Ltd (TPL) has been slapped with a default notice from PUB for failing to keep its desalination plant " reliably operational" as required under the Water Purchase Agreement. The national water agency said in a statement on Tuesday: " TPL has been unable to fulfil various contractual obligations under the agreement, in particular, by failing to keep the plant reliably operational as required. In addition, TPL has not been able to produce financial evidence to demonstrate its ability to keep the plant running for the next six months." The agency added: " PUB has provided sufficient time for TPL to resolve its operational and financial defaults. " Given TPL' s current financial position, TPL' s inability to fulfil its contractual obligations is unlikely to change in the immediate to longer term. PUB is taking steps to ensure that our water security is safeguarded." Now that a default notice has been served, Tuaspring has a cure period of 30 days until April 5 or " such longer period as may be reasonable" , to consult with PUB on the steps it must take to cure the alleged defaults. If the defaults are not cured in time, PUB has the right to terminate the water contract by giving written notice of not less than 30 days to Tuaspring. PUB can also take control of the plant, once the default notice period expires. A termination of the water contract may also entitle the Salim-Medco consortium to call off the deal, Hyflux said. Even if Hyflux is liquidated, " there are measures in place to keep the plant in continued operation" , PUB has said. https://www.businesstimes.com.sg/companies-markets/pub-to-take-over-tuaspring-plant-if-latters-defaults-not-resolved |
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des_khor
Supreme |
06-Mar-2019 12:36
Yells: "Tell me who is God or Market Fortune Teller in this forum ??" |
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Free transfer ?
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angmohlin
Veteran |
06-Mar-2019 12:12
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It seems to me that the OL & the whole team of BOD should step down immediately and to investigate for any breach of fiducially duties/care of duty and take enforcement action. MAS & SGX RegCo should take action w/o failed. | ||||
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TeoMark
Veteran |
06-Mar-2019 12:01
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Eventually the ownership will be transferred to PUB, after 2038. So i would assume now with this potential default, PUB can take ownership soon.
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des_khor
Supreme |
06-Mar-2019 11:55
Yells: "Tell me who is God or Market Fortune Teller in this forum ??" |
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Only No brain one will sign this type of agreement with PUB ! Can easily just take over for free ??? My goodness ! Cost 1B to build ! Just gone like this ??? | ||||
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bicycle
Member |
06-Mar-2019 11:42
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I believe PUB take control to operate TS, not take (buy) over the asset, until the asset is sold or re-contracted out to another approved operator again.I would think its the case. Of course, I' m speculating here and would not the know how things work out in such scenario. This is likely to ensure continual water supply to national pool. |
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runaway
Senior |
06-Mar-2019 11:17
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Hyflux restructuring plans rocked by PUB notice to Tuaspring ESR-REIT files proofs of claimBy:
Michelle Zhu
SINGAPORE (Mar 6): Hyflux, the water treatment firm which is undergoing debt restructuring, has received a notice from Singapore&rsquo s Public Utilities Board &ldquo asserting certain defaults by Tuaspring&rdquo under its 2011 water purchase agreement (WPA) with the Hyflux subsidiary. Terms of the WAP provide a default cure period of 30 days from March 6, 2019, for Tuaspring to PUB on the steps needed to mitigate the consequences of, and cure, any defaults which may have occurred. If the alleged breaches are not remedied, PUB resolves the right to terminate the agreement with written notice of at least 30 days. This may entitle investors to terminate Hyflux&rsquo s proposed restructuring agreement, says the group in its late night filing on Thursday. See: Hyflux takes $916 mil impairment for Tuaspring and other receivables See: Hyflux' s perpetual security holders get back only 10% of investment in restructure See: Clash over $2.7 bil of debt at Hyflux heats up Hyflux says the company and Tuaspring are currently seeking legal advice on this matter, and will &ldquo commence consultations with PUB immediately, as envisaged in the WPA&rdquo . Separately, the manager of ESR-REIT has filed a notice saying its trustee, RBC Investor Services Trust Singapore Limited, on March 1 filed proofs of claim against Hyflux and its subsidiary, Hyflux Membrane Manufacturing (S). Hyflux Membrane accounted for about 3.5% of total rental income for Dec 2018 as one of the REIT&rsquo s top 10 tenants. For 4Q18, ESR-REIT received rental income from the company of about $2.1 million. While the manager maintains that Hyflux Membrane has not defaulted in its rental payment for 8 Tuas South Lane to date, it says ESR-REIT holds another $2.1 million of rental in security deposits the form of bank guarantees which have not been drawn down. It adds that the space at 8 Tuas South Lane, which Hyflux Membrane currently occupies, has received leasing interest and enquiries due to its proximity to Tuas Mega Port. Units in ESR-REIT closed flat at 54 cents on Tuesday, while trading in the shares of Hyflux have been suspended since 21 May 2018. |
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Nainai
Member |
06-Mar-2019 09:07
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Since when it&rsquo s government problem to make sure u make money in the stock market? | ||||
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TeoMark
Veteran |
06-Mar-2019 09:04
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Need to pay la. Why no pay. Cannot like this smelly smelly and leave the investors high and dry. nevermind about that malaysia bank la.
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