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Hyflux
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Stephenchow
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01-Feb-2019 21:08
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Really confusing, what the heck is this? Creditors need to show IOU to prove that they are real creditors? A man needs to take down his pants to show that he is a man?  |
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guards80
Supreme |
01-Feb-2019 14:11
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Hyflux asks creditors to file proofs of claim by Feb 15WATER treatment firm Hyflux on Friday called for its creditors to file proofs of claim ahead of scheme meetings as the company undergoes debt restructuring. The proofs, which will form a basis to vote on scheme proposals and to receive payments, must be submitted by 5pm on Feb 15. For holders of the company' s bonds, perpetual securities and preference shares, however, their holdings as recorded by the Central Depository Pte Ltd (CDP) will be treated as proofs even if the holders do not file their claims, Hyflux said. Any party who is required to but does not file a proof of claim by the deadline will not be entitled to vote at scheme meetings and may not be entitled to any payments or distributions, subject to the discretion of the scheme meeting' s proposed chairman, Hyflux said. The proposed chairman for the group' s scheme meeting(s) is EY partner Angela Ee, who is advising Hyflux on its refinancing.
The group filed for bankruptcy protection in May last year, and investors still have no certainty about how much is recoverable. In a liquidation scenario, senior unsecured creditors can expect a recovery rate of 3.8 to 8.7 per cent, EY has told investors. Investors that rank below that class of claimants, including perpetual and preference shareholders, will receive nothing. In October last year, a consortium comprising Salim Group and Medco Group tabled a deal to invest and lend S$560 million to Hyflux in exchange for a 60 per cent stake in the company once it has settled all its debts. Hyflux owes S$900 million in principal value to perp and pref holders. |
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KAMAL0883
Supreme |
29-Jan-2019 11:58
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active bro and sis should as PM Lee via his FB what' s his opinion about Hyflux | ||||
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Stephenchow
Veteran |
28-Jan-2019 19:51
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Some one wrote to local newspaper:- Singapore is able to achieve self-sufficiency in water due largely to the strong political will of the Government and innovative, enterprising local companies the likes of Hyflux. Leveraging on collaborative research and strong domestic market support, Hyflux soon became a global name in recycling waste water and desalination. It saddens me to note that a once successful home-grown global company that first brought us Newater is now faced with a liquidity crisis with a choice of either giving away majority ownership to an Indonesian consortium with massive write-down or face liquidation. In such a situation, I am of the view that Temasek is the most qualified white knight to step in to the rescue. One may argue against creating a morale hazard, but looking at the bigger picture, promoting water generation and recycling industrial technologies in Singapore is of a more strategic value compared with other commercial entities. Furthermore, this is one of the successful niche industries in which we have gained a head start and is good enough to export to the Middle East, China and the rest of the world. It was reported that Hyflux' s financial situation was worsened by its investment into the Tuaspring Integrated Water and Power Plant. Given the current irreversible situation, the question we should ask ourselves is whether Singapore' s interests would be better served by more investment dollar pumped in by Temasek or by a foreign consortium.
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boxster
Member |
28-Jan-2019 16:14
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The group is in telegram http://t.me/hyflux_retail
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ysh2006
Supreme |
28-Jan-2019 13:03
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Any whatsapp group available ?....As the least priority group, if Hyflux bankrupt will be fair to everybody , nothing to collect back like DMX last year....
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Starship
Supreme |
28-Jan-2019 12:16
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Hyflux management continues to grasp at straws..................... When will the final straw snap? Hyflux says it remains committed to &lsquo fair&rsquo restructuring plan as worries among retail investors grow 28 Jan 2019 06:24AM SINGAPORE: Beleaguered water treatment firm Hyflux told Channel NewsAsia that it stays committed to proposing a &ldquo fair&rdquo restructuring plan next month as its aggrieved mom-and-pop investors grow increasingly worried about how much money they can recover. Anger and frustration among minority shareholders have been building up since the second round of town hall meetings on Jan 18, where the company provided little meaningful updates except for the mention of possible cash payments and debt-to-equity conversions. Even then, specific figures were not discussed. This has got retail investors, who are at the bottom of the priority list, losing sleep over the possibility of huge losses &ndash so much so that some have said they would rather see the company liquidated. Management retention shares may also be allotted to ensure continuity of the business, according to Hyflux&rsquo s SGX filing, which means there could be less than 40 per cent equity stake left for various stakeholders in the rescue plan. Another told Channel NewsAsia that many retail investors left the meetings feeling &ldquo disappointed and helpless&rdquo . Representation is another gripe for retail investors who fear that their voices have not been heard. Mr David Gerald, president of the Securities Investors Association (Singapore) (SIAS), said informal steering committees have since been formed for all investor groups. But little is known about who is sitting in the steering committees and what has been done so far, noted investors that Channel NewsAsia spoke to. Not wanting to be left high and dry, some mom-and-pop investors have turned to messaging app Telegram to form a community, which has grown to more than 700 people and saw active discussions over the past week. https://www.channelnewsasia.com/news/business/hyflux-committed-to-fair-restructuring-plan-as-investors-worries-11172576  |
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Stephenchow
Veteran |
27-Jan-2019 19:40
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The investment from the consortium is S$400 million in exchange for a 60 per cent stake and a shareholder' s repayble loan of S$130 million and a debtor-in-possession loan of S$30 million. Most of the money will be for operation after the takeover, thus:- -secured creditors will likely get below 50% of the sum allocated + share - unsecured creditors and preference creditors likely to get negligible sum + some share. - shareholers likely get $0, only 10% or lower share of the company after takeover - Singapore (PUB - definitely there is special clause to protect themselves ) will still keeps its desalination plant even if the company goes into liquidation.
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ysh2006
Supreme |
27-Jan-2019 12:29
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If Hyflux bankrupt fire sale it to SCI inturn dismantle the old plant and rebuild two to three new plants run by SCI or PUB for Singapore . The three plants cap maybe more than existing old plant.
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simplesimon
Member |
27-Jan-2019 12:23
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It should NOT (missing word) totally under foreigners! | ||||
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simplesimon
Member |
27-Jan-2019 12:19
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Water is a strategic resource! It should fall totally under foreigners! Temasek holding and Gucon should each bought 1/3 of Hyflux each with 1/3 under free float! Can not rely on Malaysia as they will hold us ransom when come to any negotiation! | ||||
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DanielSKSim
Member |
27-Jan-2019 11:07
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The second town hall seems to be aiming to scare preference shareholders into voting for the proposal. In my humble view Hyflux is overdoing it. The town hall' s message is: " if preference investors don' t accept the deal all parties lose. If preference investors accept the deal, all parties benefit and preference investors benefit a little." Question is: If all parties have so much to lose in a liquidation scenario, will liquidation ever be allowed to happen? Why should preference investors accept a deal if it prejudices them? Simply, Salim is injecting $600m on the condition that $1b of unsecured debt and $1b of preference securities are paid off or waived. In a liquidation scenario, - unsecured creditors lose almost everything (between 91-96%) - preference holders lose everything. - Singapore loses its third desalination plant at a time when Singapore and Malaysia are quibbling over water. - Salim does not invest no upside for Salim. If Salim' s proposal is accepted, and assuming contingent creditors do not show up: - unsecured creditors get $300-600m (on the assumption that at least half of Salim' s monies are used to pay off unsecured creditors), meaning they lose 40-70% of their $1b investment - preference creditors get $0-$300m (on assumption that balance of Salim' s monies are used to pay off preference creditors), meaning they lose 70-100% of their $1b investment - Singapore keeps its desalination plant (a condition of Salim' s investment is to keep the Tuaspring plant) - Salim invests presumably there is some upside for Salim. |
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huathuat88888
Elite |
21-Jan-2019 21:32
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Hyflux is a good example of :
Anyhow buy , anyhow invest in risky overseas projects (this is a highly capital intensive biz), anyhow take on debts.... When they start to offload their office building , i knew something was very wrong with hyflux cashflow.
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Starship
Supreme |
21-Jan-2019 18:31
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Looks like the same pattern as Noble.......................... Hyflux says perpetual and preference shareholders will lose everything in liquidation PUBLISHED 10 HOURS AGO SINGAPORE - Water cleaning firm Hyflux faced its grey-haired creditors on Friday (Jan 18) for the second time since it filed for bankruptcy protection, in a bid to rally support to carry through what has proven to be a tough rescue deal. No definitive answers were given when investors asked repeatedly how much of their money they could expect to recover. Only one new figure was shared by EY, the financial adviser. In a liquidation scenario, only senior unsecured creditors, namely banks and note holders, will get paid. They can expect a recovery rate of 3.8 to 8.7 per cent. Subordinated creditors like perpetual and preference share holders will get nothing in a liquidation scenario. Hyflux chief Olivia Lum opened two townhall sessions at Hyflux Innovation Centre on Friday by addressing why she was not using her own cash to recapitalise Hyflux despite repeated calls for her to do so. She told perp and pref holders: " With SM Investments coming into the company, this is effectively a takeover and I no longer will own much shares, in fact almost no shares. So I will no longer be in the driving seat." Sources told The Business Times that Ms Lum added to light applause: " I know many people do not like to see my face anymore. I' m ok, I' m prepared to step down, I just want to make sure I hand over the company properly to the new investor." The consortium, SM Investments, has left a 40 per cent equity stake on the table for Hyflux' s various stakeholders to share in a rescue plan, she said: " I' m only worried for the papas and mamas, that in the case of liquidation, they will really get zero value... Without support for the rescue plan, the alternative for Hyflux will likely be liquidation." Hyflux owes $900 million in principal value to perp and pref holders. It was hinted that they might have to take a debt-for-equity conversion, though how fair the conversion rate would be was not discussed. Hyflux' s medium-term note holders, who are owed a nominal value of $265 million, were told that they might receive some cash and equity. Again, exact quantums were not discussed. It remains to be seen how much cash there is to go around after budgeting for working capital is factored in. Asked if the company could extend the maturity of the notes and pay note holders a lower coupon before redemption, Arief Sidarto, chief executive of SM Investments, replied no. Hyflux' s business is capital intensive and he wants to make sure it is ready to move forward after the restructuring is completed, he said. Most note holders seemed more easily comforted by what they heard and their question-and-answer session ended early with time to spare. Reactions from perp and pref holders were more mixed. Hyflux intends to finalise the terms of a restructuring deal by mid-February, including exactly how much in cash or equity each creditor group will be allocated. A third round of townhall meetings will be held on March 13. Also in February, Hyflux will go to the court to ask for approval to call a scheme meeting, and all creditors will vote on the scheme of arrangement by the end of March. https://www.straitstimes.com/business/companies-markets/hyflux-says-perpetual-and-preference-shareholders-will-lose-everything-in |
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lionhill
Veteran |
21-Jan-2019 13:09
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The SM offer is most likely rejected as based on the current offer, even bond holders will get back less than liquidation. https://www.sammyboy.com/threads/hyflux-noble-groups-decline-regulators-refusing-to-act.258403/ Some aunties and uncles even clapped during the 2nd townhall. Guess they do not understand what is happening to them at all. |
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Stephenchow
Veteran |
19-Jan-2019 14:44
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Always talk about company as brain child and baby. In bad time, quickly sell away the baby and runaway in no time.
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Stephenchow
Veteran |
19-Jan-2019 14:36
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Yesterday night:- Presentation to noteholders:- https://links.sgx.com/FileOpen/Town%20Hall%20Meeting%20-%20presentation%20slides%20Noteholders.ashx?App=Announcement& FileID=540919 Presentation to Prep and Preference shareholders:- https://links.sgx.com/FileOpen/Town%20Hall%20Meeting%20-%20presentation%20slides%20PNP%20.ashx?App=Announcement& FileID=540920 |
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Nainai
Member |
19-Jan-2019 11:44
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Clearly she know the company is a lost cause and dun love it enough to dump her own money. Look at Ezion, the founder basically double up but to be fair he will most likely lost everything also if he does not.
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Sgvale
Supreme |
19-Jan-2019 11:40
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She not even confidence to throw good money for the bad to revive Hyflux. Temasek must also has done their worth to invest, if at all.
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investshare
Supreme |
19-Jan-2019 11:31
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Quote:
Hyflux chief Olivia Lum opened two townhall sessions at Hyflux Innovation Centre on Friday by addressing why she was not using her own cash to recapitalise Hyflux despite repeated calls for her to do so. She told perp and pref holders: &ldquo With SM Investments coming into the company, this is effectively a takeover and I no longer will own much shares, in fact almost no shares. So I will no longer be in the driving seat.&rdquo |
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