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Hyflux
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investshare
Supreme |
31-Jan-2020 22:38
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Every one lost confidence and trust in the other ..
n the latest twist to the city-state?s most high-profile debt restructuring, Hyflux?s legal adviser this week expressed its intent to resign from the case due to ?loss of confidence,? while the company said in turn that it has lost trust in its adviser and has since appointed new ones. That adds to uncertainties facing the about 34,000 retail investors in the company who have been waiting for resolution since it stumbled in 2018. |
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investshare
Supreme |
31-Jan-2020 20:31
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Haha the shareholders also feel the same towards management.
Hyflux appoints Clifford Chance and Cavenagh Law as legal advisors The water treatment firm expressed loss of ?confidence and trust? in WongPartnership. Embattled water treatment firm Hyflux has appointed Clifford Chance and Cavenagh Law as its legal advisors for its reorganisation process in place of WongPartnership, according to an SGX filing. This comes after the company confirmed in 29 January that it has lost confidence and trust in WongPartnership, in response to the law firm?s application to discharge itself from representing Hyflux in the case. Operating in their own right, Clifford Chance and Cavenagh Law also operate in a Formal Law Alliance in Singapore. |
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destinykraze
Elite |
30-Jan-2020 11:44
Yells: "Reality is only a matter of perception" |
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prelude to more bad things to come .
A BOMBSHELL has dropped just as it seemed that Hyflux was inching closer to the finish line in sealing the deal with rescue investor Utico. At the High Court hearing on Wednesday, Justice Aedit Abdullah said that the troubled water treatment firm' s lawyers from WongPartnership, led by Manoj Sandrasegara, had applied to discharge themselves due to difficulties relating to " loss of confidence and good cause" in working with the client. Justice Abdullah made reference to issues relating to assurances given to the court about adviser fees at the November 2019 hearing, and said that " there seems to be some conflict between (both sides) about the instructions and the factual basis for the assurance" . He thus adjourned the hearing to Feb 20 to give the company and WongPartnership time to resolve the conflict, failing which, Hyflux may have to consider alternative representation. The adjournment was accompanied by a short, four-week extension of the debt moratorium until Feb 28. |
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Stephenchow
Veteran |
29-Jan-2020 20:31
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Your life will need to be long enough to see the end of this case, for oldest guy, likely to die before the case ends. 
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gravity8888
Supreme |
29-Jan-2020 18:23
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If got chance.. I will vote to liquidate this company... Just buying time | ||||
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enjoylife77
Veteran |
29-Jan-2020 17:41
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WongPartnership applies to discharge itself from representing HyfluxRead it in today' s BT |
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destinykraze
Elite |
20-Jan-2020 14:00
Yells: "Reality is only a matter of perception" |
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tl dr another offer that does not offer anything much for those vested. The story is getting old, don' t think they can drag it any further.
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clouddragon
Member |
20-Jan-2020 10:45
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Latest news on Aqua Munda - they are committing $208 million and have extended their deadline. I have also managed to get a summary of their invitation from them. You can get it from this link - https://drive.google.com/open?id=1YORGyha8rHUygxUBFjsnKheJCM8vdW17 https://www.businesstimes.com.sg/companies-markets/aqua-munda-commits-s208m-to-hyflux-debt-buyout-extends-deadline |
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destinykraze
Elite |
20-Jan-2020 10:08
Yells: "Reality is only a matter of perception" |
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I knew it. drag for years. end up $0 for everyone. https://sbr.com.sg/utilities/news/uae-firm-utico-&lsquo willing-walk-away-deal-hyflux-report?fbclid=IwAR06NKSID58oEhn_1VJ8CNTctBEVyfP8I8vnLmZy_3IaIJcPbzO6VYdXTuc |
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Starship
Supreme |
30-Dec-2019 17:56
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SIAS calls on Aqua Munda to disclose funding, intentions regarding Hyflux MON, DEC 30, 2019 - 4:38 PM THE Securities Investors Association (Singapore) (SIAS) has requested Aqua Munda, which is looking to buy over some of Hyflux' s debt, to disclose more details on its source of funding and intentions. In a press statement on Monday, SIAS president David Gerald said that creditors have raised queries on the &ldquo identity of Aqua Munda and its director and sole shareholder, and whether Aqua Munda has the necessary funds to complete their proposed reverse Dutch auction&rdquo . &ldquo SIAS calls on Aqua Munda, in the interest of transparency, to disclose its funding and the entities related to Aqua Munda and its intention with respect to restructuring process as soon as possible,&rdquo Mr Gerald said in the statement. The Business Times reported on Dec 19 that Aqua Munda is owned by Singaporean businessman Bambang Sugeng Kajairi, who is understood to represent an investor group from the Middle East. The identity of the group has not been disclosed. SIAS has been advised that Hyflux is not obliged to conduct any due diligence on Aqua Munda, he added. This is because the invitation is solely between Aqua Munda and the relevant creditors, while Hyflux is only facilitating the dissemination of details, he added. https://www.businesstimes.com.sg/companies-markets/sias-calls-on-aqua-munda-to-disclose-funding-intentions-regarding-hyflux |
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Starship
Supreme |
30-Dec-2019 17:53
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Bad news for this clown stock just keep coming.   Hyflux expects ' material adverse financial impact' from ending previous deal for TuasOne project MON, DEC 30, 2019 - 12:22 PM HYFLUX is expecting the axing of a previous settlement agreement with Mitsubishi Heavy Industries (MHI) to result in an " overall material adverse financial impact to its financial performance" , the embattled water treatment firm announced on Monday. Last week, BT reported that Hyflux has signed a new agreement in relation to its TuasOne waste-to-energy project, which novated the engineering, procurement and construction (EPC) contract to MHI. While the termination of the settlement agreement would discharge certain liabilities, the novation of the EPC contract and the division of the remaining payments are expected to result in the group giving up certain rights to some proceeds from the construction revenue, Hyflux said. However, the new agreement would resolve uncertainties and " create a more stable condition" for the group' s ongoing debt restructuring exercise, it added. https://www.businesstimes.com.sg/companies-markets/hyflux-expects-material-adverse-financial-impact-from-ending-previous-deal-for |
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Stephenchow
Veteran |
30-Dec-2019 10:18
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Aqua Munda looking to buy over some of Hyflux' s creditors' debts at minimum 85% discount 15% x 1.8b (debt)= $270m? budget? Some of Hyflux' s creditors may be able to get up to 15 per cent back on their investments in the embattled water treatment firm. Singapore-registered firm Aqua Munda, which floated a proposal to buy over some of Hyflux' s creditors' debts last week, said in its invitation memorandum on Friday (Dec 27) that it is looking at a minimum 85 per cent discount on the debts. The option to tender is open to holders of Hyflux' s 4.25 per cent notes due in 2018, 4.6 per cent notes and 4.2 per cent notes due in 2019, as well as other senior unsecured, trade and contingent debt of the water treatment firm and three of its subsidiaries. Aqua Munda said that the purchase price of the debts will be determined using a reverse Dutch auction approach where the bids offering the highest discounts will be accepted first, until a set pool of funds has been completely used up. |
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Stephenchow
Veteran |
28-Dec-2019 12:30
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What the heck is this ? Settlement Funds ........... The aggregate amount of funds from the Investor, subject to increase or decrease at the sole and absolute discretion of the Investor, which will be used to pay the purchase price of Accepted Bids. Submission of Bids........ Each Eligible Creditor may only submit one bid for an amount of all or some of the Eligible Debt of that Eligible Creditor. Bids shall be submitted in the Tender Application Form, the form of which is annexed in Appendix A hereto. Where the Offered Debt is denominated in a currency other than Singapore Dollars, the Offered Debt shall be translated into Singapore dollars at the rate as published by Bloomberg on 26 December 2019. Minimum Offered Discount.......................... The discount set out in the Tender Application Form of an Eligible Creditor must not be less than 85% on the Offered Debt. Opening of Invitation 9 a.m. (Singapore time) on 30 December 2019 Expiration Deadline 5 p.m. (Singapore time) on 23 January 2020 Acceptance Deadline Earlier of 60 days after the Expiration Deadline and 5 p.m. (Singapore time) on 23 March 2020 |
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danger
Supreme |
27-Dec-2019 09:30
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Hyflux enters into new agreements to continue funding for TuasOne Utico, Hyflux' s white knight investor, offered to provide the funds needed to finish building TuasOne. The filing noted that Hyflux has transferred the remainder of TuasOne' s engineering procurement and construction contract to Mitsubishi Heavy Industries Asia Pacific through a deed of novation. Hyflux remains the majority shareholder with a 75 per cent stake in TuasOne, a company spokesman said. Mitsubishi Heavy Industries owns the remaining 25 per cent |
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gravity8888
Supreme |
23-Dec-2019 21:12
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Will it ever get relisted? | ||||
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Terminal5
Senior |
21-Dec-2019 20:16
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These are opportunists buying bond assts in distress. Expect a haircut of at least 50%.
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danger
Supreme |
21-Dec-2019 10:05
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Probably from new listed $ 2 trillion valued saudi aramco What is $1 billion to them ?! Gulf countries is starved of water not oil
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Stephenchow
Veteran |
21-Dec-2019 09:52
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Little-known Aqua Munda Pte, which was just incorporated in Singapore on Tuesday, made the offer to buy S$1.8 billion ($1.3 billion) of debt from Hyflux noteholders and unsecured creditors, according to an exchange filing. The firm is backed by a well-funded investor group from the Gulf region, according to people familiar with the matter. |
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zillion
Master |
19-Dec-2019 16:50
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So now hv 2?
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gravity8888
Supreme |
19-Dec-2019 11:16
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Wow power... So many suitors suddenly | ||||
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