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Hyflux
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Jyilailong
Member |
19-Jan-2019 11:19
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There is only one option on the table for all shareholders. I have to salute the person who brought such a potential company to current situation. It really not easy to do it. | ||||
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cobrajr
Veteran |
19-Jan-2019 11:11
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Down 30K here want to kpkb oso no use just wait only lar hahaha knn
Some u win some u lose
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ysh2006
Supreme |
19-Jan-2019 10:47
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Ya those bond holders got money mah....Court Asia maybe many retailers buy high price ....
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Sgvale
Supreme |
19-Jan-2019 09:26
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Not many retail investors hit hard la. No one kpkb here. | ||||
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guards80
Supreme |
18-Jan-2019 23:14
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http://www.businesstimes.com.sg/companies-markets/hyflux-warns-perp-pref-holders-they-will-lose-everything-in-liquidation
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guards80
Supreme |
18-Jan-2019 23:13
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Hyflux warns perp, pref holders they will lose everything in liquidation | ||||
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investshare
Supreme |
18-Jan-2019 23:12
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Recovery rate of 3.8% ?
The NAV is fake?
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Stephenchow
Veteran |
18-Jan-2019 23:09
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SINGAPORE: Investors left out on a limb by Hyflux will have to wait until mid-February to find out more about the embattled water treatment firm' s revival plan and what that means for their investments. This was revealed to those that attended the second round of town hall meetings on Friday (Jan 18). Investors were told to expect the announcement of a formal restructuring plan in about a month&rsquo s time.
They were also informed that they will receive cash and equities in the restructured Hyflux, although exact figures were not disclosed. " But there is no conclusion. We still have to wait and see what they will propose in February." All eyes will now fall on Hyflux' s next case management conference to be heard by the court on Feb 11. |
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Stephenchow
Veteran |
18-Jan-2019 22:59
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WATER cleaning firm Hyflux faced its grey-haired creditors on Friday 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: &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
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. Ms Lum added to light applause: &ldquo 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.&rdquo The consortium, SM Investments, has left a 40 per cent equity stake on the table for Hyflux&rsquo s various stakeholders to share in a rescue plan, she said: &ldquo 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.&rdquo Hyflux owes S$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&rsquo s medium-term note holders, who are owed a nominal value of S$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&rsquo 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. |
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angmohlin
Veteran |
12-Jan-2019 14:57
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It seems Hyflux has more or less works out something for the conversion of debts to equities. Any idea how much the creditors will be getting for the debt converted to equity. | ||||
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Stephenchow
Veteran |
10-Jan-2019 09:01
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Hopefully still have money to buy lunch and dinner for us:--  The Second Round of Town Hall Meetings will be held on 18 January 2019 at Hyflux Innovation Centre, Multi-purpose Hall, 80 Bendemeer Rd, Singapore 339949 at the following times for the following groups of stakeholders: Date/Time Stakeholder group 18 January 2019, 12 noon to 2 p.m. Holders of S$100,000,000 4.25% notes due 2018, S$65,000,000 4.60% notes due 2019, and S$100,000,000 4.20% notes due 2019 pursuant to Hyflux Ltd.&rsquo s S$1,500,000,000 Multicurrency Debt Issuance Programme 18 January 2019, 7 p.m. to 9 p.m. Holders of Hyflux Ltd.&rsquo s S$500 million 6.00% Perpetual Capital Securities (SGX:BTWZ) and Holders of Hyflux Ltd.&rsquo s 6% Cumulative Non-Convertible Non-Voting Perpetual Class A Preference Shares (SGX: N2H) |
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investshare
Supreme |
01-Jan-2019 19:41
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So still need to sell after Salim stake?
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Stephenchow
Veteran |
31-Dec-2018 17:50
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HYFLUX said on Monday that it has obtained approval from secured lender Maybank to extend the timeline for the divestment of the Tuaspring integrated water and power plant. Maybank is now giving Hyflux until Jan 31, 2019 to execute a binding agreement with a successful bidder or investor, an extension of the Oct 29, 2018 deadline earlier agreed upon. Maybank reserves the right to terminate the collaboration agreement if the new deadline is breached. |
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investshare
Supreme |
31-Dec-2018 09:15
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Why Hyflux did not win this?
China Everbright Water granted $8.5 mil in government subsidies for projects in China By: Michelle Zhu 31/12/18, 08:27 am SINGAPORE (Dec 31): China Everbright Water says three of its projects in Jiangsu Province, China, will be receiving a total of RMB42.68 million ($8.5 million) in government subsidies for 2018, which the group intends to use in full for project construction. |
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Starship
Supreme |
20-Dec-2018 00:29
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Like this?  
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Stephenchow
Veteran |
19-Dec-2018 22:32
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shareholders are sitting duck, lan lan accepting anything forcing down their throats and eventually slaughtered and BBQ as Peking duck.
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angmohlin
Veteran |
18-Dec-2018 21:45
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The approval threshold is more than 50% of the creditors or class of creditors (present and voting) holding at least 75% in value of debt claims agree to the proposed scheme. If you concerns your money then make sure put in effort to attend the meeting and vigorously vote against the schemes of arrangement. |
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angmohlin
Veteran |
18-Dec-2018 18:08
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I mean what is the approval threshold for the scheme of arrangement to proceed.
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angmohlin
Veteran |
18-Dec-2018 17:38
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In view of there will be a few group of stakeholders to cast the vote for the proposal of scheme arrangement. Anyone know what are the criteria to determine whether the proposal is passed or not. For example, if the group of percapsec holders have successfully voted against the proposal, does it means that the proposal will be rejected or have to see the overall voting results to determine whether the proposal passed or not. | ||||
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angmohlin
Veteran |
18-Dec-2018 13:36
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This second Townhall meeting is talking about how to settle the debts which owe to bondholders, Percapsec holders & perpetual PS holders, is talking about suck up how much blood from these victims. So got nothing to do with shareholders.
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