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Hyflux
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Stephenchow
Veteran |
07-May-2019 21:18
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INGAPORE: The Singapore High Court on Tuesday (May 7) denied a group of seven unsecured banks the go-ahead to be carved out of the debt moratorium to file an application to have Hyflux and Hydrochem placed under judicial management. The court cited that Hyflux made a credible case by saying that granting the carve-out would have an adverse impact on the company&rsquo s restructuring efforts and ongoing projects. The group &ndash comprising Mizuho Bank, KfW IPEX-Bank, Bangkok Bank, BNP Paribas, CTBC Bank, The Korea Development Bank and the Korea Development Bank, Singapore Branch &ndash is collectively owed a total of S$648.7 million.
However, Justice Aedit Abdullah said the unsecured banks are given the liberty to file the application again, based on the progress of Hyflux&rsquo s restructuring process and the fact that &ldquo things can change&rdquo . He added that he would &ldquo leave the sword hanging above Hyflux&rsquo s head&rdquo and keep the company on a tight leash. Hyflux will be able to apply for a further extension to the court-sanctioned protection from creditors when it appears before the court on May 29.In the meantime, Hyflux will have to file an affidavit by May 24 to provide an update on the restructuring process. Read more at https://www.channelnewsasia.com/news/business/court-dismisses-carve-out-hyflux-hydrochem-debt-moratorium-11511730 |
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ysh2006
Supreme |
07-May-2019 18:31
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Win or loss JM or no JM so long judge no decided ?
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ysh2006
Supreme |
07-May-2019 15:16
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Has the banks applying JM the judge approve ?
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lukewong82
Master |
07-May-2019 13:19
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is like ur friend owe u $$$ and promise to return u the $$$ within 1 year.. but he did not.. so u go after him and he writes u an IOU and tells u when he strike toto 1st prize he will return u the $$$, one day sure strike toto 1st prize one... u just have to be patient he says.
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Leehonghng
Member |
07-May-2019 12:20
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With more Performance Bond and Banker's Guarantee being called, and more to come due to their non-performance, I don't believe the hyflux can last for another three (3) months!
Now they are entered into a Dead - Dead situation.
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zillion
Master |
07-May-2019 12:07
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I think Hyflux wants to keep itself going on with a deep haircut because all those aunties/uncles of PERPs will be reclassified as debts with zero dividends. One day when electricity prices shoot up they have a chance of recovery/ there is hope. This will help the coming election stays withing the papaya tree. | ||||
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runaway
Senior |
07-May-2019 07:51
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Write what you like without getting yourself into trouble. Hyflux is in trouble, it is a known fact, and those hurt are angry. But I do not suggest posting any remarks related to any faith. Hyfluxs destiny is in the hands of white knights if any if not, the law will guide its closure. |
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Leehonghng
Member |
07-May-2019 07:40
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根 本 就 是 把 死 马 拿 来 当 活 马 医 。 OL， 妳 已 经 无 药 可 救 了 ！ 阿 彌 陀 佛 ！
主 耶 穌 救 救 她 吧 ！
🤕 🤒 🤕 🤒 🤕 🤒 🤕 🤒 🤕 🤒 🤕 🤒
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like2learn
Veteran |
07-May-2019 01:25
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不 要 問 不 要 說 一 切 盡 在 不 言 中 ..... 傷 離 別 離 別 雖 然 在 眼 前 說 再 見 再 見 不 會 太 遙 遠 ... So sad ... once the pride of SG ... now likedat .... sigh .... |
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Starship
Supreme |
07-May-2019 01:00
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Hyflux slapped with US$57.7m claim by BNP Paribas for Magtaa performance bond MON, MAY 06, 2019 - 6:57 PM HYFLUX has received a notice from BNP Paribas demanding payment of US$57.7 million, it said on Monday. The French bank is claiming the sum in respect of a performance bond that it issued to Hyflux associate company Tahlyat Myah Magtaa (TMM) in Algeria. Hyflux owns a 47 per cent stake in TMM, which is the project company for the Magtaa desalination plant in Algeria. Hyflux had said on April 23 that it was aware of a claim of approximately US$56.5 million made by TMM in respect of the performance bond issued by BNP Paribas El Djazaï r, but disputed TMM&rsquo s right to make such a claim. BNP Paribas has since declared a sum of US$57.7 million to be due and payable. This sum includes the claim amount and handling commission, fees and charges, including those due and payable from the period of April 1, 2018 to May 8,2019. Hyflux said that it is taking appropriate legal steps, and has filed an injunction application against the issuer of the performance bond that guarantees payment of claims by TMM. The demand from BNP Paribas is expected to have a material impact on the financial performance of the group, Hyflux said. The insolvent water treatment firm has been under a court-sanctioned debt moratorium for close to a year now. On Tuesday, a Singapore High Court will hear an application from Mizuho, KfW, Bangkok Bank, BNP Paribas, CTBC Bank and the Korea Development Bank, which wish to be carved out of the moratorium. The court will decide on Tuesday whether they can be carved out. If a carve-out is approved, these banks plan to file an application to appoint judicial managers over Hyflux and Hydrochem to replace the present Hyflux management. https://www.businesstimes.com.sg/companies-markets/hyflux-slapped-with-us577m-claim-by-bnp-paribas-for-magtaa-performance-bond |
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guards80
Supreme |
06-May-2019 17:42
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UPDATES ON REORGANISATION PROCESS &ndash DEMAND BY BNP PARIBAS Hyflux Ltd. (the &ldquo Company&rdquo , and together with its subsidiaries, the &ldquo Group&rdquo ) refers to its announcement on 23 April 2019 (the &ldquo 23 April Announcement&rdquo ) in relation to certain claims on performance bonds issued in respect of the Desalination Plant of 500,000 m3/day in Magtaa, Oran, Western Algeria (the &ldquo Magtaa Project&rdquo ).Further to the issue of a claim made by the project companyfor the Magtaa Project, Tahlyat Myah Magtaa SpA(&ldquo TMM&rdquo )in respect of a performance bond issued by BNP Paribas El Djazaï r(&ldquo BNP Paribas&rdquo ), the Company wishes to announce that it has received a letter from BNP Paribas (acting through its Singapore branch), in which BNP Paribas declared tobe due and payable the aggregate sum of US$57,730,008.53. This sum includes the claim amount and handling commission, fees and charges, including those due and payable from the period of 1 April 2018 to 8 May 2019.As stated in the 23 April Announcement, the Company disputes TMM&rsquo s right to make such claim and is taking appropriate legal steps, including having filed an injunction application against the issuer of the performance bond that guarantees payment of claims by TMM.The demand from BNP Paribas, like the claims referenced in the 23 April Announcement,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 the above matters. |
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Stephenchow
Veteran |
05-May-2019 14:32
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Bluff also nevermind, key is to keep the $400m , so $400m + $39.8 = $439.8m, all problem resolve by itself.   . Think of 4d number to buy today:- 4398
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destinykraze
Elite |
05-May-2019 14:26
Yells: "Reality is only a matter of perception" |
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Yes, and these debts are not interest free! With more Liquidated Damages (LD) claims from overseas on the way. I simply don' t see any light at the end of the tunnel. The only miracle is for government to intervene, but the Minister for the Environment and Water Resources has already made it clear. There will be no bail out using taxpayer' s money.
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destinykraze
Elite |
05-May-2019 14:19
Yells: "Reality is only a matter of perception" |
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Based on the disclosure, it is still unlikely to have any effects on those perp. securities holders who still stands to lose 100% and equity holder still stands to lose over 90%.
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Bkng595
Member |
05-May-2019 11:42
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Fingers crossed this is not another bluff, to prolong suffering. The white knight want to ipo in 2q 2019. May be enough $$$ to burn. https://www.globalwaterintel.com/news/2018/51/utico-targets-q2-2019-for-initial-public-offering |
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Leehonghng
Member |
05-May-2019 10:55
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Yes, it is better to let this con-company wind up. Their total debt to date is estimated at S$ 2.9B++ (or could be more! ) however, if you only can pump in 4oo millions, what can that OL do with this small amount of money? Moreover, all their good staff already left (due to NO salaries??) and, only those "eat finish rice 吃 了 米 " peoples like OL still stay behind!
They are many other Liquidated Damages (LD) claims from overseas are on the way.
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destinykraze
Elite |
05-May-2019 01:03
Yells: "Reality is only a matter of perception" |
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I think it' s better for the judge to close case and cut losses for the company. It' s not good to give these poor investors false hope. |
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destinykraze
Elite |
04-May-2019 19:41
Yells: "Reality is only a matter of perception" |
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No difference. I seriously doubt the investors are going to get any more than 1% in the short term even if anything goes through. If even by some miracle hyflux pulls through after restructuring, it would probably take 10 years before they get a cumulative 10% return of their original investment.
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Stephenchow
Veteran |
04-May-2019 13:58
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This kind of last minute 11 hour dire straits fund definitely has 1001 escape clauses and will ask you for a hand & a leg, big head and your small head (disclaimer: provided you have one or born with one, large or small size) defintely not your absolutely free money from your father |
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Starship
Supreme |
04-May-2019 13:41
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