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Hyflux
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ysh2006
Supreme |
20-Apr-2019 08:08
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PUB give till mid May while Maybank till end of April....white knight no time to come wait for force sell cheaper....
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Know-Your-Stuff
Senior |
19-Apr-2019 16:41
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Co confirm will bankrupt now. | ||||
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Stephenchow
Veteran |
19-Apr-2019 14:43
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SINGAPORE: Indonesia' s SM Investments on Friday (Apr 19) rejected accusations by Hyflux that it breached a rescue deal that both parties entered into, moving to terminate the plan in &ldquo accordance with the terms of the restructuring agreement&rdquo . On Monday, Hyflux said it was suing SM Investments, its would-be white knight, a week after scrapping a rescue deal with it. Hyflux said it filed a writ of summons in the Singapore High Court &ldquo to commence an action against the investor for repudiation of the restructuring agreement&rdquo , as well as to claim a S$38.9 million deposit. Hyflux had previously asserted its right to lay claim to this deposit, which was placed into escrow shortly after the execution of the restructuring deal, should SM Investments &ldquo wrongfully terminate&rdquo the pact. Hyflux had said on Apr 4, when it moved to cancel the agreement, that it " attempted on multiple occasions to meaningfully engage with SMI on its assertions on the restructuring agreement" to no avail. On Friday, SM Investments said it did not accept the termination of the restructuring plan on Apr 4 because it was not done in " accordance with the terms of the restructuring agreement" . SM Investments said its scrapping of the restructuring deal on Friday was based on five termination events:
1. Hyflux wrongfully tried to terminate the Restructuring Agreement by its actions on 4 April 2019. This was a repudiatory breach of the agreement by Hyflux entitling SMI to terminate the Restructuring Agreement. 2. Hyflux was required to satisfy various conditions under the Restructuring Agreement by Apr 16, 2019, failing which the agreement would automatically cease to operate. Hyflux failed to do so. This included the failure by Hyflux to obtain a sanctioned Scheme of Arrangement for the settlement of the amounts it owed to creditors. 3. The Tuaspring project is under threat, and this has not been remedied. 4. The Magtaa project is under threat, and this too has not been remedied. 5. The SingSpring project is under threat, and this also has not been remedied. SM Investments added: &ldquo Each of the termination events entitles SMI to a refund of its deposit in accordance with the Restructuring Agreement. &ldquo SM Investments rejects any accusation by Hyflux that SMI breached the Restructuring Agreement.&rdquo SM Investment said it will now be pursuing legal action against Hyflux. MAYBANK TERMINATES AGREEMENT Adding to its woes, Hyflux said in a separate company filing early Friday that it has received a letter from secured lender Maybank to terminate a collaboration agreement relating to the divestment of the Tuaspring Integrated Water and Power Plant. Under the agreement reached last July, Maybank, which is the only secured creditor of Hyflux&rsquo s unit Tuaspring, will give the Singapore firm time to conclude a binding agreement with a successful bidder or investor for the plant. During which, the bank will " refrain from commencing enforcement proceedings against Tuaspring or its properties and/or assets" , including the integrated plant. As the restructuring process dragged on, the deadline by which Hyflux has to find a buyer was extended six times, with the last deadline agreed by both parties being Mar 31, 2019. The integrated asset&rsquo s desalination plant is set to be taken over by PUB at zero dollars in May, after the national water agency issued a notice to Hyflux on Wednesday to terminate the parties' water purchase agreement. As Hyflux did not execute a binding agreement with a successful investor by the deadline, &ldquo this constitutes a breach which is incapable of remedy under the collaboration agreement entitling Maybank to terminate the collaboration agreement&rdquo , the filing wrote. Maybank has also stated its intention to appoint receivers and managers over the assets of Tuaspring, except for the desalination plant and shared infrastructure. The filing added that Hyflux has also received notices issued by Maybank to PUB and the Energy Market Authority, regarding the direct agreement between Tuaspring, PUB and Maybank dated Nov 21, 2013. &ldquo These notices are in respect of an enforcement event and acceleration of the maturity of all amounts owing under the Tuaspring financing documents.&rdquo Hyflux said the termination of the collaboration agreement &ldquo is expected to have a material impact on the financial performance of the group&rdquo . In the interim, the power plant at the Tuaspring integrated facility is expected to continue operations as usual, it added. |
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ysh2006
Supreme |
19-Apr-2019 14:36
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Maybank can do what now? take the power plant force sell to Sembwang Ind hurry up before other creditors come in and dismantle he transformers boilers and switchgears to sell to yards ......Next weeks many creditors will start come in....(I think only) | ||||
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Stephenchow
Veteran |
19-Apr-2019 12:16
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Indo Countersue, Hell break loose, Snow storm...
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Stephenchow
Veteran |
19-Apr-2019 11:21
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Perfect Storm:-  1. PUB:- chain reaction + Tornadoes 2. Malaysain Bank:- Domino effect + Hurricanes 3. REIT:- Earth Quake + Shock wave 4. Rest 27 creditors banks:- Tsuanmi + deadly flood 5. Shareholder:- Angry wildfire 6. Perp + bonds:- Volcano eruption |
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Stephenchow
Veteran |
19-Apr-2019 11:12
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Commentary: Hyflux after the perfect storm Once a star in the water treatment industry, Hyflux had been struck by a series of unfortunate events and some think its fate is sealed, say NUS Business School Ruth Tan and Zhang Weina. SINGAPORE: Over the past few months, investors in Hyflux have been anxiously observing the unfolding of events. When white knights in the form of a consortium comprising Salim Group and Medco Group (SM Investments) entered into an agreement in October last year to invest S$400 million for 60 per cent of Hyflux&rsquo s equity and to grant S$130 million in loan, things started looking up. Then in March, national water agency, PUB, issued a default notice giving Hyflux some time to remedy defaults arising from a water agreement, failing which PUB will take over its subsidiary, Tuaspring, &ldquo as whole, or the desalination plant alone&rdquo .
A few weeks later, PUB said it will assume control of only Tuaspring Desalination Plant (TSDP) at zero dollars, and waive off the compensation sum which it is entitled to under the water agreement. This caught many by surprise. The future of Hyflux looked gloomier than ever on Apr 4 when Hyflux cancelled the restructuring agreement with SM investments saying that it has &ldquo no confidence the Indonesian investor will complete the deal&rdquo . Hyflux subsequently sued SM investments for its repudiation of the rescue deal and for the deposit of S$38.9 million. the end of March. It now has until its next case management conference with the judge on Apr 25 to indicate if it needs more time to keep creditors at bay. The pressure has been kept on after PUB issued a termination notice on Wednesday (Apr 17), indicating it would take over TSDP in 30 days. READ: The fall of once-great Hyflux, a unicorn in the Singapore story, a commentaryMAJOR ROAD BUMPS Hyflux&rsquo s well-publicised ill-timed expansion into the energy business has been a major contributor to its financial woes. The chronic overcapacity in the power generation sector and oversupply of electricity had depressed the selling price of electricity in 2016 and 2017. Its stalled sale of Tuaspring Integrated Water and Power Plant project and Tianjin Dagang Desalination Plant, and the S$600 million joint venture project with Hitachi and Itochu Corporation to build India&rsquo s largest desalination plant in the state of Gujarat India left in limbo, added to its distress. A large fraction of Hyflux&rsquo s Engineering, Procurement and Construction works (about S$1 billion) generated cash inflows that were stretched over lengthy periods. HIGH LEVERAGE A DOUBLE-EDGED SWORD Hyflux had also aggressively expanded since 2010, with a huge footprint across China, India, and Middle East North Africa (MENA), funded by the Singapore headquarters. In the most recent five years, the main source of funds were perpetual debt and preference shares. Its debt-to-equity ratio had been on a steady uptrend, which could have been beneficial if profits were healthy as the interest expense can serve as tax shields. But with Hyflux&rsquo s low cash inflow, its high average debt-to-market equity of 6.49 from 2013 to 2018 became a burden. Yet it continued to command the trust and confidence of investors largely because of the strategic support for clean water solutions in Singapore. AFTER THE PERFECT STORM If Hyflux wishes to further extend its debt moratorium, it would need a concrete debt restructuring plan. For now, the fate of Hyflux depends on whether it can find another white knight or white squire. If nothing is acceptable to the court, the company will be heading towards eventual liquidation. The final recovered asset value will then depend on legal, market and even political factors related to the geographical location and business nature of those assets. What remains then will just be the memory of a once glorious company, and traces of its assets under new owners and management teams. |
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Stephenchow
Veteran |
19-Apr-2019 11:03
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凯 发 （ Hyflux） 于 今 天 凌 晨 发 出 文 告 说 ， 公 司 和 旗 下 的 大 泉 水 电 厂 （ Tuaspring） 接 获 马 来 亚 银 行 （ Maybank） 的 一 封 信 ， 表 示 立 即 终 止 合 作 协 议 。 马 来 亚 银 行 是 大 泉 水 电 厂 的 唯 一 有 抵 押 债 权 人 。 文 告 指 出 ， 马 来 亚 银 行 终 止 协 议 的 原 因 是 经 过 多 次 延 后 截 止 期 限 ， 凯 发 至 今 仍 未 为 水 电 厂 找 到 买 家 ， 这 已 经 构 成 违 约 。 马 来 亚 银 行 可 行 使 权 利 ， 终 止 协 议 。 文 告 也 说 ， 根 据 马 来 亚 银 行 与 公 用 事 业 局 和 大 泉 水 电 厂 于 2013年 11月 签 署 的 直 接 协 议 ， 公 司 已 收 到 马 来 亚 银 行 向 公 用 局 和 能 源 市 场 管 理 局 发 出 的 通 知 。 通 知 内 容 与 大 泉 水 电 厂 的 欠 款 有 关 。 马 来 亚 银 行 也 表 示 有 意 委 任 接 管 人 ， 接 管 大 泉 的 资 产 ， 这 不 包 括 大 泉 海 水 淡 化 厂 和 共 用 的 基 础 设 施 。 在 这 段 期 间 ， 大 泉 的 电 厂 将 正 常 运 作 。 凯 发 预 期 ， 终 止 合 作 协 议 ， 将 对 集 团 的 财 务 表 现 造 成 实 质 冲 击 。 若 有 进 一 步 具 体 发 展 ， 公 司 将 适 时 公 布 。 公 用 局 已 于 本 周 三 向 凯 发 发 出 终 止 购 水 协 议 通 知 ， 表 示 将 于 隔 天 起 的 30天 后 接 管 大 泉 海 水 淡 化 厂 。 |
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Stephenchow
Veteran |
19-Apr-2019 08:15
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However, Mr Justin Chia of law firm Eversheds Harry Elias, who represents Ascendas Reit, said his clients have not called off two applications for the landlord to re-enter the Hyflux properties that it owns outside of the moratorium.  Ascendas Reit is the landlord of the Hyflux Building at Kallang Bahru, and the Hyflux Innovation Centre at Bendemeer Road. (We) have to see what the company is going to do from now on, Mr Chia told the court, adding that the matter will be discussed in a future session. |
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lukewong82
Master |
19-Apr-2019 08:10
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ya agree with u, only hyflux may seek court protection? saying they need the tuas premise to continue making the membrance even though they cannot pay the rent.. possible? Seeking an injuction against ESR Reit from taking over the tuas premise?
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Stephenchow
Veteran |
19-Apr-2019 08:05
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REIT is the rightful owner, don' t think anyone can drag. Scene will be like the last emperor movie, the emperor was forced escort out of the forbidden city crying like baby
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lukewong82
Master |
19-Apr-2019 07:55
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Will ESR Reit exercise their right to kick hyflux out of their premise? If hyflux challenge that and drag it on.. then ESR will not be able to rent the premise out to new tenants and then also not be able to get the rent for significant period of time.. That why ESR reit share price already started dropping since beginning of last week. Another one Ascendas reit not so affected cos is only 1% of their total revenue where as Hyflux is ESR reit' s top 10 tenant
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Stephenchow
Veteran |
19-Apr-2019 07:46
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PUB has started a chain reaction, guess very soon all the overseas assets will be like sword of Damocles falling down one by one. Just wondering what will happen if the REIT exercise their rights next month, will the staff need to work under durian trees wearing helmets?
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lukewong82
Master |
19-Apr-2019 00:44
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Termination of Collaboration Agreement The Company wishes to announce that it and Tuaspring have today received a letter from Maybank (each through their respective solicitors) terminating the Collaboration Agreement with immediate effect and on the following premises: (a) Pursuant to the Collaboration Agreement, the Company and Tuaspring agreed to, inter alia, the execution of a binding agreement with a successful bidder/investor for the full settlement and discharge of Maybank&rsquo s Total Liabilities (as defined in the Collaboration Agreement) by the Standstill Deadline save for certain conditions as prescribed in the Collaboration Agreement and (b) There has been no execution of a binding agreement with a successful bidder/investor by the extended Standstill Deadline. This constitutes a breach which is incapable of remedy under the Collaboration Agreement entitling Maybank to terminate the Collaboration Agreement. Notice of Maybank&rsquo s intention to appoint receivers and managers over assets of Tuaspring apart from the Desalination Plant and Shared Infrastructure The Company further wishes to announce that it has received notices to PUB and the Energy Market Authority of Singapore issued by Maybank pursuant to the Direct Agreement between Tuaspring, PUB and Maybank dated 21 November 2013. These notices are in respect of an enforcement event and acceleration of the maturity of all amounts owing under the Tuaspring financing documents. Maybank has also stated its intention to appoint receivers and managers over the assets of Tuaspring save for the Desalination Plant and Shared Infrastructure. In the interim, the operations of the power plant at the Tuaspring IWPP are expected to continue as usual. The termination of the Collaboration Agreement is expected to have a material impact on the financial performance of the Group. The Company will make the appropriate announcements as and when there are any further material developments on this matter. Please monitor SGXNet and the Company&rsquo s website for any announcements or updates on the Reorganisation. If you are a holder of any securities of the Company and wish to receive email alerts providing these updates, please register your request at http://investors.hyflux.com/contacts.html. Otherwise, all information and updates will be disseminated via SGXNet and/or the Company&rsquo s website (https://www.hyflux.com/financial-reorganisation-exercise/). Shareholders and holders of securities issued by the Company are advised to exercise caution at all times when dealing in the shares and/or Securities, and should consult their stockbrokers, bank managers, solicitors or other professional advisors if they have any doubt about the actions they should take. BY ORDER OF THE BOARD Lim Poh Fong Company Secretary Submitted to SGX-ST on 18 April 2019 |
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Stephenchow
Veteran |
18-Apr-2019 21:53
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Chances of a new white knight for Hyflux low, say expertsTroubled water treatment company Hyflux may have had to offload its failed Tuaspring desalination plant, but its survival still depends on the appearance of a new white knight investor. Experts told The Straits Times that the chances of one are low despite the removal of a loss-making asset from its books. Singapore Management University law don Eugene Tan called the emergence of a new white knight investor " a big if" .With each passing day, the chances of getting the requisite and urgent fresh injection of funds are getting lower, he said. National water agency PUB yesterday issued a notice to Tuaspring to terminate its water purchase agreement with the company. It will subsequently take over the desalination plant after a 30-day notice period. Tuaspring' s power plant will remain under Hyflux' s charge. Hyflux walked away from a $530 million restructuring deal by Indonesian white knight investor SM Investments earlier this month. They could not agree on how much to allocate between paying Hyflux' s debtors and boosting the firm' s ability to operate, which led to a tense relationship. Hyflux filed a lawsuit in the Singapore High Court for the alleged repudiation of the rescue deal, and is claiming the $38.9 million deposit. Associate Professor Tan said: " After the SM Investments debacle and with Hyflux now taking legal action... any white knight investor will be even more wary unless it knows exactly what it is getting itself into." Associate Professor Lawrence Loh of the National University of Singapore said: " Even if the PUB takeover removes a toxic asset... the rest of Hyflux is not plain sailing." He pointed out that Hyflux is saddled with problems with its overseas water plants, particularly in Algeria. Tuaspring' s power plant is also unattractive, given the poor market conditions, added Prof Loh, who is also the director of the Centre for Governance, Institutions and Organisations. Nanyang Business School' s Associate Professor Kevin Koh said that a factor that will affect investors' willingness to rescue Hyflux is whether they could find synergy with the Tuaspring power plant. Tuaspring is at the heart of Hyflux' s financial problems. The integrated water and power plant was meant to enable profits from the power plant to be used to subsidise the desalination plant' s operation costs. But the weak electricity market, coupled with operating losses from the desalination plant, sank Hyflux into debt. |
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ysh2006
Supreme |
18-Apr-2019 07:23
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Now those loan maybe cannot recover back need to answer to shareholders coming AGM since it extend and extend the force sell period missed the golden time to force sell TS to a bidder.
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Stephenchow
Veteran |
17-Apr-2019 22:55
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when a white knight needs to rescue his own 39m fund is like:- 1. A life guard in the middle of a pool, screaming for Help 2. A fireman at the window of a burning building shouting for Help 3. Uncle Sam policeman at the middle of crowded Time Square, robbed and stripped naked by bad guys, begging for Spare Underwear... Unbelievable. LOL  |
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Stephenchow
Veteran |
17-Apr-2019 22:31
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2019 WaterCup Final SIN:- 1 MAL:- 0 44 Mins Scrorer:- No.10, Mahathir (OG) a.k.a Own Goal LOL
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Stephenchow
Veteran |
17-Apr-2019 22:21
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The Company wishes to announce that Tuaspring has today received a notice of termination of the WPA (the &ldquo Termination Notice&ldquo ). The Termination Notice provides for a 30 day notice period, at the end of which the WPA will be terminated, and is premised on the following: (a) In the Company&rsquo s 4 April Announcement, the Company stated that the Scheme Meetings were cancelled and (b) PUB&rsquo s agreement to extend the Default Cure Period to 30 April 2019 being immediately rescinded on 5 April 2019 because approval for the Company&rsquo s scheme of arrangement was not obtained at the 5 April 2019 Scheme Meeting. Pursuant to the WPA, PUB has elected to purchase the Desalination Plant. Though not stated in the Termination Notice, as clarified by PUB in their letter of 21 March 2019 to Tuaspring and the 21 March Announcement, PUB has previously expressed that it would be willing to waive the compensation sum likely to be payable by Tuaspring to PUB under the WPA. The termination of the WPA is expected to have a material impact on the financial performance of the Group. The Company will make the appropriate announcements as and when there are any further material developments on this matter. |
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Stephenchow
Veteran |
17-Apr-2019 21:02
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Maybank slips on exposure to HyfluxKUALA LUMPUR: Shares of Malayan Banking Bhd (Maybank) fell to a low of RM9.01 on Wednesday in a knee-jerk reaction to news that Singapore' s PUB would take over Hyflux' s Tuaspring desalination plant in the island nation. At 3.23pm, it was down 19 sen to RM9.02 and the decline weighed on the FBM KLCI. |
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