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Hyflux
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Maller
Elite |
05-Jun-2021 10:30
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Haiz
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SlothSG
Veteran |
05-Jun-2021 09:20
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disappointing outcome after so long |
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TeoMark
Veteran |
05-Jun-2021 09:07
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Invested on hyflux and kris. Now hyflux gone case. Hope there is still some hope in krisenergy.
Oh wait........ |
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Lobster
Elite |
05-Jun-2021 08:33
Yells: "Even Adam Khoo believes in the Black Market!" |
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End of the road for the 15,000 retail investors. Zero. Kaput. All hard earned savings gone. but one thing for sure. In spite of what she said publicly, how she cares for the retiree uncles and aunties, Olivia Lum will remain rich as ever. Such is the cruel world.
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ysh2006
Supreme |
05-Jun-2021 07:49
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Will SCI want to take tge power generation plant too ?
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vicloo
Supreme |
05-Jun-2021 07:14
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pnp invester still has hope to recover 1% capital from liquidation?... 1million imvested get 10k back? or zero?
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TA_Expert
Supreme |
05-Jun-2021 03:52
Yells: "The World has changed" |
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It is not expetced that the company is unable to find a white knight eventually when the company has nothing valuable to offer. The plant is given to PUB free ot charge. This is already not a good sign. Hyflux' s remaining assets will be sold to 6 bidders separately after the company has winded up. How much these assets are sold to these 6 bidders? |
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choices30
Member |
05-Jun-2021 01:24
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The end of the road Those poor mom and pop investors |
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Stephenchow
Veteran |
04-Jun-2021 22:29
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GG
THE continuation of Hyflux' s judical management is no longer necessary, given that negotiations for an investment in the entire group were unsuccessful and a restructuring is not possible. Following the conclusion of the investor process, Hyflux' s judicial managers said the objectives of the judicial management are " no longer capable of achievement" , and the remaining value of the group are best realised in a liquidation, according to a bourse filing on Friday evening. The judicial managers have filed an application to the court to wind up the company. |
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Joelton
Supreme |
15-May-2021 15:04
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Hyflux subsidiary disputes alleged termination of Algerian O& M contract
HYFLUX' S wholly-owned subsidiary is disputing the legitimacy of the contract termination by Tahlyat Myah Magtaa (TMM), the project owner of Hyflux' s Magtaa seawater desalination plant in Algeria.
The subsidiary, Hyflux Operation & Maintenance Algeria (HOMA), on April 20 received a notice which allegedly terminates the operations and maintenance (O& M) contract for the Magtaa desalination plant.
HOMA is seeking to engage with TMM to resolve the matter, Hyflux' s judicial managers from Borrelli Walsh said in a regulatory update on Wednesday.
" HOMA does not agree with or accept the allegations made in the said notice and is reserving all its rights," the judicial managers said. It added that it is working with HOMA to attempt to resolve the issue amicably with TMM.
Last June, Hyflux received a notice of termination from TMM for the O& M contract. The notice said HOMA had 40 days to cure certain purported events of default under the O& M contract, failing which TMM would terminate the contract.
HOMA said at the time that it does not agree with or accept the allegations made in the notice and will seek advice on enforcement and protection of its rights in the project. It also said it had a 47 per cent shareholding interest in TMM.
Later in July 2020, Hyflux said the effects of TMM' s June 2020 notice to terminate the O& M contract were being suspended in view of " continuing discussions" between the two parties. This meant that no impact is expected on the troubled water treatment company' s financial performance for fiscal 2020.
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tonylim
Master |
06-May-2021 09:49
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The only winners are Olivia and top management team
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Joelton
Supreme |
06-May-2021 09:34
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Hyflux gets 7 bids in second stage of investor process
TROUBLED water-treatment company Hyflux has received seven bids in the second stage of the investor process, judicial managers from Borrelli Walsh told the bourse in a regulatory update on Wednesday.
Of the seven, one involves an investment of the entire Hyflux Group while another is for the purchase of substantially all of Hyflux Group' s assets, excluding the shares in Hyflux or Hydrochem. The remaining five bids are for individual assets.
The judicial managers are now in negotiations with the investors that have submitted binding offers. They had earlier asked for their term of office to be extended by 60 days, until July 14, in a court application filed on April 30. This is to " allow sufficient time to determine whether a potential restructuring of Hyflux Group is possible" , they said in the filing.
On the Singapore Exchange' s queries on the settlement agreement between Hyflux and SM Investments (SMI), the judicial managers said that a sum of S$750,000 from the deposit of S$38.9 million was received by Hyflux and the balance was returned to SMI.
Hyflux, which went under judicial management last November after more than two years of debt restructuring, had sued former suitor SMI - a tie-up between Indonesia' s Salim Group and Medco Group - over a deposit of S$38.9 million.
In a regulatory filing on May 3, the judicial managers told the bourse that Hyflux and SMI had agreed to " fully and finally resolve, settle and discontinue the suit" without any admission of liability, under an agreement from April 7, the judicial managers said in their latest update.
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Joelton
Supreme |
05-May-2021 09:39
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Hyflux gets six final offers with one covering retail investors: source
[SINGAPORE] Crisis-hit Singaporean water-treatment company Hyflux has six final offers including one to restructure the entire firm, after an April 30 target for finalising binding term sheets, a person familiar with the matter said.
The restructuring bid is the only offer that takes into account retail investors in Hyflux' s perpetual securities and preference shares, according to the person, who asked not to be identified because the matter is private.
About 34,000 individual investors had put money into the once-highflying firm before it stumbled in 2018. Some of them had previously said they don' t expect to recover much of anything from their investments.
The remaining five bids are for specific assets of the company, while some assets attracted no interest at all, the person said, without giving any further details.
Picking a bidder for Hyflux is an urgent task because the company is running out of money after a restructuring process that' s dragged on for nearly three years.
It has just enough cash to survive five months from Jan 31, Bloomberg reported in March. It went under a judicial manager in November last year, extending a long wait for its creditors and the individual investors.
All the offers for Hyflux are from overseas companies and some of them are from suitors who had expressed interest before judicial manager Borrelli Walsh took control, the person said, without naming any bidder. Patrick Bance, a Singapore-based director at Borrelli Walsh, declined to comment.
Borrelli Walsh is seeking to extend its term by 60 more days to July 14, the company said in filing on Monday. The judicial manager had received on Feb 16 a 90-day extension of its term until May 15 from a Singapore court, according to a document requested from the court by Bloomberg.
Hyflux had earlier said it would finalise binding term sheets with selected investors on or around April 30, while negotiating and executing definitive agreements at a later decided date, according to a filing last month.
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vicloo
Supreme |
04-May-2021 21:40
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Hope get deal and closure on this counter by july 14.
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Stephenchow
Veteran |
04-May-2021 21:14
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Crisis-hit Singaporean water-treatment company Hyflux has six final offers including one to restructure the entire firm, after an April 30 target for finalising binding term sheets, a person familiar with the matter said. The restructuring bid is the only offer that takes into account retail investors in Hyflux' s perpetual securities and preference shares, according to the person, who asked not to be identified because the matter is private. About 34,000 individual investors had put money into the once-highflying firm before it stumbled in 2018. Some of them had previously said they don' t expect to recover much of anything from their investments. The remaining five bids are for specific assets of the company, while some assets attracted no interest at all, the person said, without giving any further details.It has just enough cash to survive five months from Jan 31, Bloomberg reported in March. It went under a judicial manager in November last year, extending a long wait for its creditors and the individual investors. All the offers for Hyflux are from overseas companies and some of them are from suitors who had expressed interest before judicial manager Borrelli Walsh took control, the person said, without naming any bidder. Patrick Bance, a Singapore-based director at Borrelli Walsh, declined to comment. Borrelli Walsh is seeking to extend its term by 60 more days to July 14, the company said in filing on Monday. The judicial manager had received on Feb 16 a 90-day extension of its term until May 15 from a Singapore court, Hyflux had earlier said it would finalise binding term sheets with selected investors on or around April 30, while negotiating and executing definitive agreements at a later decided date, according to a filing last month. |
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Joelton
Supreme |
04-May-2021 08:23
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Hyflux and Salim-Medco settle lawsuit over deposit judicial managers ask for more time
TROUBLED water treatment company Hyflux and its former white knight have settled a tussle over funds that were in escrow, judicial managers from Borrelli Walsh told the bourse in a filing on Monday.
This comes as the judicial managers asked for their term of office to be extended by 60 days, until July 14, in a court application filed on April 30.
Hyflux, which went under judicial management in November 2020 after more than two years of debt restructuring, had sued erstwhile suitor SM Investments (SMI) - a tie-up between Indonesia' s Salim Group and Medco Group - over a deposit of S$38.9 million.
It filed a suit for the release of the deposit after a S$530 million rescue deal was called off in 2019 - only to be met with a counterclaim from SMI. (see amendment note)
Hyflux and SMI have now agreed to " fully and finally resolve, settle and discontinue the suit" without any admission of liability, under an agreement from April 7, the judicial managers said in their latest update.
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des_khor
Supreme |
11-Apr-2021 19:47
Yells: "Tell me who is God or Market Fortune Teller in this forum ??" |
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Portion of 1.3B belong to the voters ....
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vicloo
Supreme |
11-Apr-2021 18:45
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Reality is gov helped, SMRT, SIA... bailed them out in crisis.... Hyflux was unwanted, Tuas spring taken FOC... Zero mercy for mom n pops, grandpa grandma u name it... lol
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vicloo
Supreme |
11-Apr-2021 18:39
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Yes... investors losing already past tense, the moment when PUB announced taking over 1.3B tuas spring plant for FOC (2yrs ago) ... Hyflyx worth drop 70-80% when take happened.
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vicloo
Supreme |
11-Apr-2021 18:35
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Regulator can only sue the directors ceo maybe be worst case make them bankrupt or jail... we still cant get money back... as Tuas spring plant already taken by PUB for FOC... even if new buyer is there... they are paying min valuation 😕
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