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investshare Supreme	29-Nov-2018 07:58        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	Is Hyflux still working to get more biz? Everbright Water secures Jiangsu wastewater treatment project and pipeline projects 33 min 16 sec ago SINGAPORE (Nov 29): China Everbright Water, the environmental protection company, has secured the Jiangyin Binjiang plant 2 wastewater treatment project and its ancillary pipeline project which has an investment value of RMB230 million ($75.2 million). China Everbright signed a concession and waste water treatment service agreement on Tuesday with the management committee of Jiangyin High-tech ...
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Stephenchow Veteran	28-Nov-2018 21:44        Stephenchow About Contact  Quote this Post!
x 0   x 0  Alert Admin	Will the Malaysian bank extends  the agreement again  to Jan  or reposses the plant tomorrow?
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Stephenchow Veteran	27-Nov-2018 20:54        Stephenchow About Contact  Quote this Post!
x 0   x 0  Alert Admin	Certain financial creditors and medium-term note holders have rejected outright a preliminary plan floated because it called for Hyflux' s current management to be allocated a 3 per cent stake in the enlarged share capital of the company post-revamp. That' s an implied equity value of around S$20 million for the management team, even though the same team has run Hyflux since it began to perform poorly from 2009,  It did not identify its sources but said they were familiar with the matter. The implied equity value assumes the entire company is valued at S$667 million post-revamp. Salim Group and Medco Group had earlier agreed to give Hyflux a S$400 million equity injection in exchange for a 60 per cent stake in the company once it has settled all its debts. draft plan also suggested carving out S$39 million in cash for Hyflux' s retail perpetual and preference shareholders, who are owed S$900 million As well, perp, pref and ordinary shareholders would have received a combined 22 per cent stake in the restructured Hyflux,  noting that the proposal is " in its infancy and is still subject to change" . As for senior unsecured creditors with S$1.9 billion in claims,  had suggested settling the debts with S$200 million in cash and a 15 per cent share of Hyflux post-revamp So even with the so-called Salim-Medco " white knights" coming in as strategic investors, the insolvent water project developer is unable to make all creditors whole. Out of the S$560 million that SM Investments has agreed to inject or lend to Hyflux, S$249 million will be needed for working capital, leaving only S$251m to be distributed to financial and retail creditors,
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marketuncle Veteran	27-Nov-2018 13:51        marketuncle About Contact  Quote this Post!
x 0   x 0  Alert Admin	All noteholders unlikely to walk away without huge haircut or equity swap. It will be much clearer once the senior creditors come to agreement in Jan. cheekitlim      ( Date: 27-Nov-2018 08:00) Posted: Take hair cut or restructure? Obvious choice for creditors is the latter. 4.5 months extension is a blessing for Hyflux to get 3 sg banks' support. Stephenchow      ( Date: 26-Nov-2018 21:04) Posted: Justice Aedit Abdullah granted Hyflux the extension after hearing lawyers for the firm and its unsecured working group (UWG) of financial creditors on Monday. Tan Kok Quan Partnership lawyer Eddee Ng, on behalf of BNP Paribas, Mizuho Bank, KFW IPEX-Bank, Bangkok Bank and Standard Chartered Bank, had argued for the moratorium to be extended to Jan 16 only. Under the restructuring timetable put forth by Hyflux, it should be clear by mid-January if Hyflux has been able to get all creditor groups on board or not, Mr Ng said. &ldquo It shouldn&rsquo t have to be the case that the UWG needs to come to the court to get the moratorium lifted (if) this entire restructuring process is a no-go. It&rsquo s the company that should come to the court and the company should be kept on a very tight leash in so far as time is concerned.&rdquo The informal steering committee of Hyflux medium-term noteholders took the same position. But WongPartnership lawyer Manoj Sandrasegara, who represents Hyflux, argued for more time: &ldquo I think it' s quite hard for us to do negotiations with a gun to our heads, on the basis that you only have a month and a bit to get the deal done.&rdquo
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cheekitlim Member	27-Nov-2018 08:00        cheekitlim About Contact  Quote this Post!
x 0   x 0  Alert Admin	Take hair cut or restructure? Obvious choice for creditors is the latter. 4.5 months extension is a blessing for Hyflux to get 3 sg banks' support. Stephenchow      ( Date: 26-Nov-2018 21:04) Posted: Justice Aedit Abdullah granted Hyflux the extension after hearing lawyers for the firm and its unsecured working group (UWG) of financial creditors on Monday. Tan Kok Quan Partnership lawyer Eddee Ng, on behalf of BNP Paribas, Mizuho Bank, KFW IPEX-Bank, Bangkok Bank and Standard Chartered Bank, had argued for the moratorium to be extended to Jan 16 only. Under the restructuring timetable put forth by Hyflux, it should be clear by mid-January if Hyflux has been able to get all creditor groups on board or not, Mr Ng said. &ldquo It shouldn&rsquo t have to be the case that the UWG needs to come to the court to get the moratorium lifted (if) this entire restructuring process is a no-go. It&rsquo s the company that should come to the court and the company should be kept on a very tight leash in so far as time is concerned.&rdquo The informal steering committee of Hyflux medium-term noteholders took the same position. But WongPartnership lawyer Manoj Sandrasegara, who represents Hyflux, argued for more time: &ldquo I think it' s quite hard for us to do negotiations with a gun to our heads, on the basis that you only have a month and a bit to get the deal done.&rdquo
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ysh2006 Supreme	27-Nov-2018 07:28        ysh2006 About Contact  Quote this Post!
x 0   x 0  Alert Admin	So Maybank got the money we insecured one got nothing if let it drag and drag like DMX case. ysh2006      ( Date: 26-Nov-2018 21:22) Posted: After 4 mths later they will ask again another six mths and carry on as long as Maybank agreed!! Similar to DMX than later they ask for delisted without exit offer. Should now still have value sell it away to get back some residuce money!!.. marketuncle      ( Date: 26-Nov-2018 20:25) Posted: Extended https://www.channelnewsasia.com/news/singapore/hyflux-court-grants-4-and-a-half-month-extension-of-moratorium-10969410
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investshare Supreme	27-Nov-2018 06:39        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	Maybank will agree because very safe, the loan is secured with TS at 50% book value. Meanwhile loan interest continue to pile up.
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Stephenchow Veteran	26-Nov-2018 21:44        Stephenchow About Contact  Quote this Post!
x 0   x 0  Alert Admin	Need  to get all creditor groups on board by mid-January, else no money:- The hearing of the Rescue Financing Application has been adjourned to a date to be scheduled in January 2019.
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ysh2006 Supreme	26-Nov-2018 21:22        ysh2006 About Contact  Quote this Post!
x 0   x 0  Alert Admin	After 4 mths later they will ask again another six mths and carry on as long as Maybank agreed!! Similar to DMX than later they ask for delisted without exit offer. Should now still have value sell it away to get back some residuce money!!.. marketuncle      ( Date: 26-Nov-2018 20:25) Posted: Extended https://www.channelnewsasia.com/news/singapore/hyflux-court-grants-4-and-a-half-month-extension-of-moratorium-10969410
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Stephenchow Veteran	26-Nov-2018 21:04        Stephenchow About Contact  Quote this Post!
x 0   x 0  Alert Admin	Justice Aedit Abdullah granted Hyflux the extension after hearing lawyers for the firm and its unsecured working group (UWG) of financial creditors on Monday. Tan Kok Quan Partnership lawyer Eddee Ng, on behalf of BNP Paribas, Mizuho Bank, KFW IPEX-Bank, Bangkok Bank and Standard Chartered Bank, had argued for the moratorium to be extended to Jan 16 only. Under the restructuring timetable put forth by Hyflux, it should be clear by mid-January if Hyflux has been able to get all creditor groups on board or not, Mr Ng said. &ldquo It shouldn&rsquo t have to be the case that the UWG needs to come to the court to get the moratorium lifted (if) this entire restructuring process is a no-go. It&rsquo s the company that should come to the court and the company should be kept on a very tight leash in so far as time is concerned.&rdquo The informal steering committee of Hyflux medium-term noteholders took the same position. But WongPartnership lawyer Manoj Sandrasegara, who represents Hyflux, argued for more time: &ldquo I think it' s quite hard for us to do negotiations with a gun to our heads, on the basis that you only have a month and a bit to get the deal done.&rdquo
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xxadidasxx Veteran	26-Nov-2018 20:37        xxadidasxx About Contact  Quote this Post!
x 0   x 0  Alert Admin	I think no matter what news dun matter everyone is waiting to sell off once this counter back to trading 0.02?
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marketuncle Veteran	26-Nov-2018 20:25        marketuncle About Contact  Quote this Post!
x 0   x 0  Alert Admin	Extended https://www.channelnewsasia.com/news/singapore/hyflux-court-grants-4-and-a-half-month-extension-of-moratorium-10969410
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Stephenchow Veteran	23-Nov-2018 22:44        Stephenchow About Contact  Quote this Post!
x 0   x 0  Alert Admin	WATER treatment firm Hyflux is still working towards formulating the terms of a scheme  of arrangement involving creditors, the group said, dismissing recent media articles reporting the purported details of a formal plan proposed to its senior unsecured financial creditors as mere speculation.  The company highlighted that it will make an announcement on the Singapore  Exchange once the formal proposal for the scheme of arrangement is finalised, and  an application is ready to be submitted to the court for leave to convene creditor meetings for considering, and potentially  adopting, the scheme of arrangement.
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investshare Supreme	22-Nov-2018 07:40        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	This is scary, it means their NBV is overstated, not taking into risk of cancellation if only requires 8 days notice. Stephenchow      ( Date: 21-Nov-2018 20:18) Posted: Will they do the same thing to another even bigger plant? The 200,00 cubic m  Souk Tleta plant supplies water to  Algé rienne des Eaux, the state-owned national water company of Algeria, and Sonatrach, the national oil company.    Singapore firm Hyflux  operate and maintain the 500,000 m3/day    Magtaa, Algeria plant  worth S$632 million (US$494.6 million) to supply  drinking water  to Algeria& rsquo s second largest city, Oran and neighbouring provinces.  Under a 25-year water purchase agreement, water will be supplied to  state owned national public water entity, L& rsquo Algerienne Des Eaux (ADE) and oil and gas company, Sonatrach.
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Stephenchow Veteran	21-Nov-2018 20:18        Stephenchow About Contact  Quote this Post!
x 0   x 0  Alert Admin	Will they do the same thing to another even bigger plant? The 200,00 cubic m  Souk Tleta plant supplies water to  Algé rienne des Eaux, the state-owned national water company of Algeria, and Sonatrach, the national oil company.    Singapore firm Hyflux  operate and maintain the 500,000 m3/day    Magtaa, Algeria plant  worth S$632 million (US$494.6 million) to supply  drinking water  to Algeria& rsquo s second largest city, Oran and neighbouring provinces.  Under a 25-year water purchase agreement, water will be supplied to  state owned national public water entity, L& rsquo Algerienne Des Eaux (ADE) and oil and gas company, Sonatrach.
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bicycle Member	21-Nov-2018 14:47        bicycle About Contact  Quote this Post!
x 0   x 0  Alert Admin	1. YTL, Salim, Medco all have proven track record running power or LNG here, So yr pt shd not be a valid concern. Yet no green light to bid TS. 2. Even if its the Hyflux entity prequalified to run TS, its majority controlled by OL ie Singaporean. Selling a restructured stake of 60% will trun Hyflux into a foreign owned entity. Again how to green light?
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Observers Elite	21-Nov-2018 14:33        Observers About Contact  Quote this Post!
x 0   x 0  Alert Admin	I thought about point number 1. My guess is Hyflux, with its current operations, is also prequalified to run Tuaspring. Setting up a new foreign owned Singapore-registered company with no local track record is probably a no go for PUB. bicycle      ( Date: 21-Nov-2018 13:17) Posted: 1. If PUB did not approve Salim to bid for TS, I don t know how they can approve the sale of Hyflux to Salim. No logical sense. 2. MB loan is secured against TS, why would they risk the capital injection deal falling through? What is the upside for them? 3. Hyflux said TS not for sale, so it means getting MB on board, plus the Bonds/PS/Unsercured creditors all agreed to restructuing, which is likely haircut and debt equity swap, before Salim inject the capital 400m for 60% restructued entity, The balance 130m are loan, not equity. 4. I' m surprised OL and the media painted a happy and glowing future during the conference.
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bicycle Member	21-Nov-2018 13:29        bicycle About Contact  Quote this Post!
x 0   x 0  Alert Admin	No, Of course not! Mb loan is secured. What I meant is getting MB on board the restructuring process, betting that PUB will approve sale, and have sleepless nights hoping that all the debt holders are happy with whatever swap deal, and then biz back on track in order to get back their loan.
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investshare Supreme	21-Nov-2018 13:25        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	I don?t think any reason why MB agree to haircut as it is secured loan.
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bicycle Member	21-Nov-2018 13:17        bicycle About Contact  Quote this Post!
x 0   x 0  Alert Admin	1. If PUB did not approve Salim to bid for TS, I don t know how they can approve the sale of Hyflux to Salim. No logical sense. 2. MB loan is secured against TS, why would they risk the capital injection deal falling through? What is the upside for them? 3. Hyflux said TS not for sale, so it means getting MB on board, plus the Bonds/PS/Unsercured creditors all agreed to restructuing, which is likely haircut and debt equity swap, before Salim inject the capital 400m for 60% restructued entity, The balance 130m are loan, not equity. 4. I' m surprised OL and the media painted a happy and glowing future during the conference.
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