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Hyflux
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Observers
Elite |
04-May-2019 13:30
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Investors/creditors better accept? If reject this one after the $500+mil salim deal collapsed, next one to step in will only be less than $300mil? | ||||
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Stephenchow
Veteran |
04-May-2019 09:37
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This time should ask to put entire S$400m in escrow account 
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Starship
Supreme |
04-May-2019 09:13
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Hyflux mystery white knight with $400m lifeline is UAE' s Utico 7 HOURS AGO SINGAPORE - Embattled water treatment firm Hyflux is potentially getting a $400 million lifeline from United Arab Emirates utility and developer Utico FZC to be used for equity and working capital purposes and possible urgent interim funding, the company said in a Singapore Exchange announcement late on Friday (May 3). The announcement comes nearly three weeks before its debt moratorium expires on May 24, and ahead of a pivotal High Court hearing on May 7 on whether a group of seven unsecured banks, which collectively hold $648.7 million of debt, can be granted permission to start an action for judicial management. If a carve-out is approved, these banks plan to file applications for Hyflux and Hydrochem Singapore to be placed under judicial management, and replace the current Hyflux management. These applications will be heard on May 13. In a bid to buy time, Hyflux had announced on April 25 - just an hour before its High Court hearing to extend its debt moratorium - that it received a non-binding letter of intent for a possible $400 million injection from an owner and developer of water and power utilities based in the Middle East. Late on Friday, Hyflux announced that its legal and financial advisers are in active discussions with Utico&rsquo s legal and financial advisers on the terms of Utico&rsquo s investment, to be set out in a binding term sheet for execution. Utico has informed Hyflux that it is " aware of the urgency of the restructuring" , and that it intends to invest in the group and help preserve its key entities so that they remain intact and operational, Hyflux said. The UAE utilities group - whose shareholders and investors include sovereign institutions of the governments of Oman, Saudi Arabia, Bahrain and Brunei - plans to retain Hyflux&rsquo s current management and " reach an amicable deal with the group&rsquo s creditors and investors" . The High Court on April 25 allowed Hyflux and its three subsidiaries reprieve until May 24 from their creditors as the company works on two possible plans to avoid liquidation. If an acceptable strategic investment is not achieved, Hyflux founder Olivia Lum has proposed a second plan involving ongoing projects and assets to be transferred to a special-purpose vehicle (SPV) to be wholly owned by Hyflux. Hyflux on Friday said it is also in concurrent discussions with several other parties interested in investing in its business. https://www.straitstimes.com/singapore/hyfluxs-mystery-white-knight-with-400m-lifeline-is-uaes-utico |
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ysh2006
Supreme |
04-May-2019 07:43
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On Tue will know if can ask for another two months extension.Maybank now cannot do anything ?....
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lukewong82
Master |
04-May-2019 03:37
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Isn' t this Utico = Salim = $400M.. isn' t this another Salim all over again? |
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Leehonghng
Member |
03-May-2019 23:23
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Just wait and see, and wait long long, see hyflux can last for how long?
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ysh2006
Supreme |
03-May-2019 22:45
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She can draw back her last salary work under new investor ? not $1 maybe!
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Stephenchow
Veteran |
03-May-2019 22:44
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Need to know the terms and conditions and sign on the dotted line ,otherwise still talk only |
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Stephenchow
Veteran |
03-May-2019 22:36
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Hyflux Ltd. (the &ldquo Company&rdquo , and together with its subsidiaries, the &ldquo Group&rdquo ) refers to its ongoing courtsupervised reorganisation process and its announcement on 25 April 2019 in relation to the receipt of a non-binding letter of intent, from an investor based in the Middle East, for a possible injection of S$400 million to be used for equity and working capital purposes and possible urgent interim funding. Pursuant to further discussions with this investor, the Company has obtained its consent to disclose its identity as Utico FZC (&ldquo Utico&rdquo ), a UAE entity which is the largest private full service utility and developer in the Middle East. Utico possesses a reputable track record in the water and power industries which is anchored by a spirit of innovation, strong funding and a diversified investment and projects portfolio including municipal partnerships. Its shareholders and investors include sovereign institutions of the governments of Oman, Saudi Arabia, Bahrain and Brunei. The Company&rsquo s legal and financial advisors are currently engaged in active discussions with Utico&rsquo s legal and financial advisors on the terms of Utico&rsquo s investment, to be set out in a binding term sheet for execution. In this regard, Utico has informed the Company that it is aware of the urgency of the restructuring, and that it intends to on a win-win basis: (a) invest in the Group on the basis of preservation of the Group&rsquo s key entities so that these entities (including the Company) remain intact and operational (b) retain the Group&rsquo s current management and (c) reach an amicable deal with the Group&rsquo s creditors and investors. The Company is also in concurrent discussions with several other parties interested in investing in the business of the Group, and will make the appropriate announcements as and when there are any further material developments on the matters herein. |
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ysh2006
Supreme |
03-May-2019 22:21
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Wow lucky the letter of intent from UAE Utico come on time....can again ask for extension loh....those Arabs so good want to retain the present management team to run the show if injection successful, no wonder OL so happy push Indonesian SM away!! See next week to be continue!! | ||||
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Stephenchow
Veteran |
03-May-2019 20:55
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Next week 7th May (4 days from now) they will need 1001 reasons to convince the court. But don' t worry, they still have 1001 nights story to tell, probably this time will talk about Aladdin&rsquo s Wonderful Lamp that contain Indian God Oil (印 度 神 油 ) - see below for detail  
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Leehonghng
Member |
03-May-2019 14:36
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Next week, that OL may says : Mr. Terry 郭 董 from Taipei "may be" going to inject S$ 600 millions to help hyflux??
We can laugh all the way to the Garden By The Bay.
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ysh2006
Supreme |
03-May-2019 13:57
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After this weekend it left only one week to act...will they ask for another extension saying China got one investor come out $500M injection?
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Leehonghng
Member |
03-May-2019 08:39
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Anyway, is a 1000% dead & con company, my entire investment of S$ 57'000.00 is just like sea water!
🤒 🤕 🤒 🤕 🤒 🤕 🤒 🤕 🤒 🤕
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tth1311
Member |
02-May-2019 23:23
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even they can get the desalination and generator plant in operation, i doubt from the sale they can even break even for the plant running plus the maintenance work, let alone generate any profit for investor and debtor | ||||
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ysh2006
Supreme |
02-May-2019 21:23
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Just go to a remote island register a new company call" Hyflux New Co " can already, don' t care SG law is it?
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Sgvale
Supreme |
02-May-2019 20:40
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It will come out with patterns like Noble. Let's wait for New Hyflux to relist | ||||
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Stephenchow
Veteran |
02-May-2019 20:22
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Class Action Lawsuit? https://www.theonlinecitizen.com/2019/05/02/lim-tean-to-assist-hyflux-retail-investors-in-seeking-legal-recourse-to-protect-investments/ |
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ysh2006
Supreme |
02-May-2019 19:33
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One and half week to go....ME need how many hours to fly the carpet loaded with money in ?
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Leehonghng
Member |
02-May-2019 09:56
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Hyflux is almost dead already! They may not able to pay their May's salaries.
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