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Hyflux
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Stephenchow
Veteran |
04-Nov-2019 20:26
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SINGAPORE: Embattled water treatment firm Hyflux and United Arab Emirates utility firm Utico are still in negotiations to ink a definitive restructuring agreement, Hyflux lawyer Manoj Sandrasegara of WongPartnership told CNA on Monday (Nov 4). Mr Manoj said both firms were engaged in conference calls on the afternoon of Oct 31 and the night of Nov 3. This comes after Utico gave Hyflux until 5pm on Nov 1 to accept the terms in Utico& rsquo s latest draft of a definitive restructuring agreement & ndash an update the Singapore High Court was told during a case management conference on Thursday (Oct 31). Mr Manoj told the court last Thursday that some of the terms in the agreement are not " commercially acceptable" to Hyflux and its stakeholders, adding that Hyflux would engage Utico to further extend the Friday deadline so that negotiations can be continued. |
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ysh2006
Supreme |
02-Nov-2019 07:55
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This stock not much forumers interested!
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ysh2006
Supreme |
01-Nov-2019 20:39
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At this point of time no news mean bad news? she still looking for white knights from China...
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RickyCheng
Member |
31-Oct-2019 13:19
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In Shakespeare' s play ' The Merchant of Venice' , Antonio said he has not placed all his eggs in one basket. Very true. | ||||
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Stephenchow
Veteran |
31-Oct-2019 13:08
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SINGAPORE: United Arab Emirates utility firm Utico has given Hyflux until 5pm on Friday (Nov 1) to accept the terms in Utico& rsquo s latest draft of a definitive restructuring agreement, the Singapore High Court was told during a case management conference on Thursday. Failing which, Utico will walk away from the restructuring deal. WongPartnership lawyer Manoj Sandrasegara, who represents Hyflux, told the court that some of the terms in the agreement are not " commercially acceptable" to Hyflux and its stakeholders.
He elaborated that during a stakeholders meeting convened on Wednesday, stakeholders had said that the latest agreement does not " address their concerns" . For now, embattled water-treatment firm Hyflux will engage Utico to further extend the Friday deadline so that negotiations can be continued, said Mr Manoj. The original proposed rescue package involves Utico taking an 88 per cent stake in Hyflux through a S$300 million equity injection for senior unsecured creditors, as well as a S$100 million shareholder loan.Mr Manoj also told the High Court that Hyflux will continue to engage potential investors, adding that one potential investor could come forth with a debt restructuring proposal by the end of this week. He did not reveal details about this potential investor. Hyflux chief executive Olivia Lum is currently overseas, negotiating with potential investors. Mr Eddee Ng, senior partner at Tan Kok Quan Partnership, who represents a group of seven unsecured banks, said the group is very concerned about the " slow progress of negotiations" and added that the details of the other potential investors thus far have been " hazy, vague and unclear" . During the case management conference, Justice Aedit Abdullah stressed that Hyflux& rsquo s debt moratorium, which is slated to expire on Dec 2, cannot be extended unless there is a " concrete proposal on the table" so that there is " prospect of a plan being put forward" .
Hyflux will have its next court hearing on Nov 30, which could be brought forward if required. |
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runaway
Senior |
31-Oct-2019 12:42
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One bird in hand is better than two in the bushes. Business is in such a dire state, there is no reason to wait and choose. |
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Stephenchow
Veteran |
31-Oct-2019 12:20
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阿 拉 伯 联 合 酋 长 国 公 用 事 业 集 团 Utico要 求 凯 发 （ Hyflux） 在 周 五 闭 市 前 签 订 重 组 协 议 ， 不 然 将 终 止 注 资 计 划 。 代 表 凯 发 的 律 师 团 今 天 （ 10月 31日 ） 回 到 高 庭 汇 报 集 团 的 债 务 重 组 进 度 。 律 师 指 出 ， Utico要 求 凯 发 在 周 五 （ 11月 1日 ） ， 即 明 天 下 午 5时 前 ， 决 定 是 否 接 受 并 签 订 有 关 重 组 协 议 。 律 师 透 露 ， 已 有 另 一 名 投 资 者 表 示 将 在 本 周 内 向 凯 发 提 出 新 的 注 资 和 重 组 计 划 |
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Stephenchow
Veteran |
24-Oct-2019 20:18
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In addition, it is offering two possible options to the 34,000 retail perpetual securities and preference (PNP) shareholders hoping to recover the S$900 million they invested in Hyflux. One option is a payout totalling S$50 million - based on small investors (who had invested S$2,000-3,000) each receiving 50 per cent of their holdings, up to S$1,500 per investor. The other option is a S$100 million payout over four years plus a 4 per cent stake in the enlarged Utico group. Excluding the equity injection, the other portions of the package will remain the same even if the restructuring agreement is not signed by early next week, Utico said on Thursday. Last week, advisers and a delegation from Hyflux led by chief executive Olivia Lum visited Dubai to discuss pending issues. It stressed that time is of the essence, seeing as other parties are eyeing Hyflux&rsquo s assets. These investors include Mitsubishi for the TuasOne project, as well as Spain&rsquo s Valoriza and Europe&rsquo s Aqualia and Suez Group for the Algeria project, Utico said. The minority shareholders of the Qurrayat project in Oman have also agreed to take over the plant, it added. |
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guards80
Supreme |
24-Oct-2019 14:42
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Utico says adviser fees capped at S$40m may cut Hyflux investment next week | ||||
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Stephenchow
Veteran |
23-Oct-2019 21:37
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DEBT-LADEN Hyflux' s group executive vice-president (EVP) and group chief financial officer (CFO) is going on sabbatical leave, the water treatment firm announced on Wednesday. Lim Suat Wah, 53, will cease to be Hyflux' s group EVP and group CFO from Nov 8, because she is taking " sabbatical leave to handle personal family commitments" , Hyflux said in a regulatory filing. She was appointed to the position in May 2013. As Hyflux is in the thick of restructuring, it has appointed senior vice-president (finance) Agnes Tan to assume full responsibility for finance, accounting, tax and treasury matters. Hyflux, which has been given a debt moratorium until Dec 2, has had its shares suspended amid struggles to stay afloat in a sea of debt. It is awaiting a white knight to bail it out, and had earlier updated the court that more than one rescuer are waiting in the wings. |
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ysh2006
Supreme |
06-Oct-2019 05:54
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Who can withdraw money from escrow account ? | ||||
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Stephenchow
Veteran |
05-Oct-2019 21:02
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THE court on Thursday decided that SM Investments (SMI) is entitled to assert its counterclaim for the S$38.9 million deposit placed in escrow, without leave from the court. This comes after the failed S$530 million rescue plan with Salim-Medco consortium SMI was aborted on April 4. Both Hyflux and SMI are now suing each other to claim a S$38.9 million deposit by SMI in an escrow account. Hyflux has tried to block SMI' s counterclaim, saying that it breaches the moratorium which grants it court protection. |
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Stephenchow
Veteran |
30-Sep-2019 12:14
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高 庭 今 天 （ 30日 ） 批 准 延 长 凯 发 （ Hyflux） 的 债 务 延 期 偿 付 令 （ moratorium） 期 限 两 个 月 。 代 表 凯 发 的 律 师 团 今 早 回 到 高 庭 汇 报 重 组 进 度 。 律 师 表 示 有 信 心 在 两 至 三 周 内 ， 与 阿 拉 伯 联 合 酋 长 国 公 用 事 业 集 团 Utico达 成 重 组 协 议 。 由 于 大 部 分 债 权 人 对 延 期 表 示 支 持 或 无 异 议 ， 高 庭 批 准 延 长 期 限 两 个 月 至 12月 2日 ， 但 要 求 凯 发 的 律 师 团 于 10月 29日 到 高 庭 再 一 次 汇 报 进 度 。 |
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Stephenchow
Veteran |
27-Sep-2019 21:29
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POTENTIAL white knight Utico said it supports a further extension of Hyflux' s debt moratorium & ndash as long as the troubled water treatment firm can confirm there will be no " value leakage" , and that an extension will not be prejudicial against Hyflux' s creditors and perpetual and preference (PNP) shareholders. This is of particular concern given that Hyflux still has not signed the definitive restructuring agreement, although Utico already signed it on the Aug 26 deadline, the Middle Eastern utility firm said in a statement released on Friday. Last week, Hyflux and three of its subsidiaries requested the court to extend their debt moratorium by another two months until November. The applications will be heard in court on Sept 30, when the previous extension expires. On Friday, Utico claimed that Hyflux' s board and its advisers have " refused" to guarantee that they will stop any " leaking of value" in the event that the extension is granted by the court." The same issues & ndash of advisers' fees, board representation and management oversight, all of which are related & ndash have remained as the key gap items even till today," the utility firm wrote.Hyflux earlier clarified on Aug 28 that parties had yet to resolve " final outstanding issues" in the draft agreements. Utico proposed a rescue package which will see it taking an 88 per cent stake in Hyflux through a S$300 million equity injection and a S$100 million shareholder loan. In addition, Utico intends to offer the cash equivalent of a 4 per cent stake in the enlarged Utico group plus additional cash to PNP investors. During a poll at an Aug 1 townhall, over 77 per cent of representative PNP attendees approved the PNP portion of the offer, Utico noted on Friday. In addition, Utico said it has also written to the Securities Investors Association (Singapore) or Sias, stating that the utility firm is keen to file an affidavit with Sias' support and to offer further testimony of Utico' s negotiations with Hyflux starting from its offer and entry in mid-April 2019, if the court requires it. Under the restructuring agreement signed by Utico on Aug 26, there are clauses that require Hyflux to inform Utico of any other investor offers, said Richard Menezes, chief executive officer of the utility firm. The agreement also contains clauses that imply a right of first refusal for Utico, as they give Utico the right to match the higher or lower offers, he added.' s board is also obliged by fiduciary duty and responsibility to accept the highest offer without prejudice to creditors and PNP investors," Mr Menezes noted. " HyfluxThe agreement has received the support of creditors and Sias, according to him. Mr Menezes emphasised that his company is still committed to the same terms under the Aug 26 agreement. " This situation was not caused by Utico, and it has not gotten better with any further passage of time," he added. |
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Stephenchow
Veteran |
21-Sep-2019 17:32
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Date: September 21, 2019 SIAS met with the directors of Hyflux on 16 September 2019. At the meeting, Hyflux updated SIAS on the efforts undertaken by Hyflux to secure an investor. SIAS is encouraged by the efforts put in by Hyflux in its negotiations with potential investors and the progress achieved with Utico. Hyflux informed SIAS of the reasons why the Company will not be filing an application for leave to convene a scheme meeting this week as previously intended. Instead, the Company will be filing an application for a two month extension of the current moratorium orders of court in the week of 16 September 2019. SIAS notes that negotiations with Utico has reached an advanced stage and is fully supportive of the Hyflux&rsquo s plan to seek a two month extension to facilitate negotiations with Utico with a view to finalise and execute the proposed restructuring agreement. Should a deal with Utico not be reached, the extension would also facilitate Hyflux in pursuing discussions with the other interested investors with the creditors still having the ability to apply for leave to bring an end to the moratorium if the creditors are not satisfied with the progress of negotiations. SIAS agrees that there will be no prejudice caused to the creditors. SIAS did impress upon Hyflux&rsquo s board to do their best to arrive at a satisfactory resolution for Hyflux&rsquo s stakeholders. |
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Stephenchow
Veteran |
20-Sep-2019 19:55
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testing your patience
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helloisme
Veteran |
13-Sep-2019 09:00
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No news for for many days ...... hmmmm...... | ||||
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des_khor
Supreme |
11-Sep-2019 18:00
Yells: "Tell me who is God or Market Fortune Teller in this forum ??" |
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??????
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TA_Expert
Supreme |
10-Sep-2019 11:20
Yells: "The World has changed" |
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Still have chance...
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investshare
Supreme |
10-Sep-2019 08:20
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Goned.
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