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Old 27-02-2019, 06:01 PM   #2221
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https://www.hyflux.com/wp-content/up...-statement.pdf

for the voting we need to go down in person and vote on the spot? quite interesting to see the amt owed to the banks

anyway proxy form in appendix E, can print out on your own
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Last edited by arctician; 27-02-2019 at 06:05 PM..
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Old 27-02-2019, 06:33 PM   #2222
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https://www.bloomberg.com/news/artic...yflux-heats-up

Clash Over $2 Billion of Debt at Singapore's Hyflux Heats Up
By David Yong
Updated on February 27, 2019, 10:24 AM GMT+8


Singapore’s troubled water treatment company Hyflux Ltd., formerly celebrated as a hallmark of entrepreneurship in better times, is set for a humbling week.

Creditors are due to file proof by Friday of the obligations that Hyflux owes them, putting the company’s S$2.7 billion ($2 billion) unsecured debt load under an even brighter spotlight. The firm this month unveiled a proposal to impose 75 to 90 percent haircuts on unsecured creditors, following a tumble triggered by an ill-timed expansion into energy in recent years.

Singapore’s debt market has inflicted deep losses on unsecured creditors since the oil-market slump in late 2013, as a myriad of companies followed shipbuilders and charterers into distress. Some Hyflux investors have banked on government help, given that the company owns the Tuaspring desalination plant deemed crucial to Singapore’s water supply. But those bets may be misplaced, some observers argue.

“From some of our conversations, many have invested in Hyflux based on the premise of government backing,” said Ang Chung Yuh, a fixed-income analyst at iFast Corp. in Singapore. “It’s a misconception.” While the asset is critical, the holding company isn’t, he added.

Hyflux hasn’t published its accounts since reporting a S$22.2 million loss in the first quarter of 2018. It has agreed to release its 2018 full-year financial statements by March 1 to enable creditors to evaluate its debt proposal, according to a court filing.

Why It Matters
  • Hyflux funded its business expansion with junior debt, some sold through ATMs; it counts some 34,000 mom-and-pop investors among its creditors, and angers abound
  • There have been petitions to vote against Hyflux’s proposal, as well as calls in private chat groups for state rescue at a time when general elections are around the corner
  • Even before Hyflux’s distress, some S$1.9 billion of local bonds had fallen into default since late 2015, according to Bloomberg data

Key Background
  • Hyflux investors, especially holders of junior debt, are calling for better terms and state intervention, at least in private chat groups. The government has said in parliament that it’s inappropriate to comment on the Hyflux debt situation, saying it’s “a commercial matter.”
  • The company obtained court protection in May 2018 to fend off creditors, and brought in a white knight in October.
  • Hyflux’s key asset is the Tuaspring plant, the largest in Southeast Asia; asset secured against loan from Malayan Banking Bhd
  • Net debt to Ebitda surged to 165 times in 1Q 2018 vs 3.9 times a year earlier: Bloomberg data
  • Market capitalization shrank to S$165 million when shares halted in May 2018; worth S$2 billion at its peak in 2010

Key Restructuring Terms
  • Hyflux seeks a S$400 million cash injection from Indonesian tycoons in exchange for 60 percent equity
  • Hyflux plans to convert debt into 36 percent of equity, shared by:
  • Bank lenders (S$717 million)
  • Medium-term note holders (S$278 million)
  • Trade claimants (S$11 million)
  • Contingent claimants (S$678m)
  • Perpetual securities holders (S$500 million)
  • Preference shares holders (S$400 million)
  • Shareholders will see their holdings diluted to 4 percent
  • NOTE: See cash distribution plan

Key Dates to Watch
  • March 1: Hyflux asks scheme parties to file proofs of claim by this date, and expects to publish its latest financial accounts
  • April 5: Scheme creditor meetings starting from noon local time to vote on the company’s debt proposal
  • April 11: Tentative date for court to sanction voting results
  • April 16: Target restructuring effective date, or soon after

Other Cases
  • Ezra: Zero to 2 percent recovery for unsecured bondholders
  • Ezion: Debt extension, coupon reduction, principal preserved
  • Nam Cheong: 5-20 percent recovery under cash-out options for sustainable debt
  • Rickmers: Liquidated, zero recovery for unit holders
gameacc and defghijsg like this.
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Old 28-02-2019, 03:53 PM   #2223
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book value is 1.3B, current offer less than $700M, bidder reported by Bloomberg as sembcorp. the amt is not even enough to pay off secured creditor, let alone perp and pref shareholders.
Assuming it is $700M for TuasSpring wouldn't that be better than Salim's injection of $400m which probably shades lower and still not be able to pay the secured creditors. Salim's deal means existing shareholders would be marginalized.
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Old 28-02-2019, 03:54 PM   #2224
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https://www.bloomberg.com/news/artic...yflux-heats-up

Clash Over $2 Billion of Debt at Singapore's Hyflux Heats Up
By David Yong
Updated on February 27, 2019, 10:24 AM GMT+8


Singapore’s troubled water treatment company Hyflux Ltd., formerly celebrated as a hallmark of entrepreneurship in better times, is set for a humbling week.

Creditors are due to file proof by Friday of the obligations that Hyflux owes them, putting the company’s S$2.7 billion ($2 billion) unsecured debt load under an even brighter spotlight. The firm this month unveiled a proposal to impose 75 to 90 percent haircuts on unsecured creditors, following a tumble triggered by an ill-timed expansion into energy in recent years.

Singapore’s debt market has inflicted deep losses on unsecured creditors since the oil-market slump in late 2013, as a myriad of companies followed shipbuilders and charterers into distress. Some Hyflux investors have banked on government help, given that the company owns the Tuaspring desalination plant deemed crucial to Singapore’s water supply. But those bets may be misplaced, some observers argue.

“From some of our conversations, many have invested in Hyflux based on the premise of government backing,” said Ang Chung Yuh, a fixed-income analyst at iFast Corp. in Singapore. “It’s a misconception.” While the asset is critical, the holding company isn’t, he added.

Hyflux hasn’t published its accounts since reporting a S$22.2 million loss in the first quarter of 2018. It has agreed to release its 2018 full-year financial statements by March 1 to enable creditors to evaluate its debt proposal, according to a court filing.

Why It Matters
  • Hyflux funded its business expansion with junior debt, some sold through ATMs; it counts some 34,000 mom-and-pop investors among its creditors, and angers abound
  • There have been petitions to vote against Hyflux’s proposal, as well as calls in private chat groups for state rescue at a time when general elections are around the corner
  • Even before Hyflux’s distress, some S$1.9 billion of local bonds had fallen into default since late 2015, according to Bloomberg data

Key Background
  • Hyflux investors, especially holders of junior debt, are calling for better terms and state intervention, at least in private chat groups. The government has said in parliament that it’s inappropriate to comment on the Hyflux debt situation, saying it’s “a commercial matter.”
  • The company obtained court protection in May 2018 to fend off creditors, and brought in a white knight in October.
  • Hyflux’s key asset is the Tuaspring plant, the largest in Southeast Asia; asset secured against loan from Malayan Banking Bhd
  • Net debt to Ebitda surged to 165 times in 1Q 2018 vs 3.9 times a year earlier: Bloomberg data
  • Market capitalization shrank to S$165 million when shares halted in May 2018; worth S$2 billion at its peak in 2010

Key Restructuring Terms
  • Hyflux seeks a S$400 million cash injection from Indonesian tycoons in exchange for 60 percent equity
  • Hyflux plans to convert debt into 36 percent of equity, shared by:
  • Bank lenders (S$717 million)
  • Medium-term note holders (S$278 million)
  • Trade claimants (S$11 million)
  • Contingent claimants (S$678m)
  • Perpetual securities holders (S$500 million)
  • Preference shares holders (S$400 million)
  • Shareholders will see their holdings diluted to 4 percent
  • NOTE: See cash distribution plan

  • Key Dates to Watch
    • March 1: Hyflux asks scheme parties to file proofs of claim by this date, and expects to publish its latest financial accounts
    • April 5: Scheme creditor meetings starting from noon local time to vote on the company’s debt proposal
    • April 11: Tentative date for court to sanction voting results
    • April 16: Target restructuring effective date, or soon after

    Other Cases
    • Ezra: Zero to 2 percent recovery for unsecured bondholders
    • Ezion: Debt extension, coupon reduction, principal preserved
    • Nam Cheong: 5-20 percent recovery under cash-out options for sustainable debt
    • Rickmers: Liquidated, zero recovery for unit holders


    Will share this, thanks bro!
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    Old 28-02-2019, 04:31 PM   #2225
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    Assuming it is $700M for TuasSpring wouldn't that be better than Salim's injection of $400m which probably shades lower and still not be able to pay the secured creditors. Salim's deal means existing shareholders would be marginalized.
    Tuaspsring offer far below $700m and not enough to pay off maybank. With salim injection hyflux will be able to continue with monthly repayment and maybank does not need to write down..so its sacrificing the perps and MTN to save the company which will in turn be able to service their loan with maybank.

    Hyflux mgmt, maybank and salim are the key beneficiaries, mtn and perps are sacrificed..thats why vote wisely

    Last edited by arctician; 28-02-2019 at 04:33 PM..
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    Old 28-02-2019, 05:34 PM   #2226
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    Just heard from an elderly at home that he bought some of this perpetual securities and has to file his claim proof by tmrw! He needs help but I don't know the background, can anyone help advise what he has to do please? CDP should hv his records and not sure why he has to file his claim?
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    Old 28-02-2019, 05:52 PM   #2227
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    Just heard from an elderly at home that he bought some of this perpetual securities and has to file his claim proof by tmrw! He needs help but I don't know the background, can anyone help advise what he has to do please? CDP should hv his records and not sure why he has to file his claim?
    If it's under CDP don't have to file.

    Ask him to join the telegram group .
    We can help one another there with queries .
    https://t.me/hyflux_retail
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    Old 28-02-2019, 06:37 PM   #2228
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    Thanks a lot for your advise. I am still stuck at work waiting for a night mtg, later will travel to his place to read the documents to see how to help him, will probably have to instal the Telegram for him. Meanwhile, can give me some info? I looked through the claim forms trying to print out for his claim, he said his CDP statement showed Hyflux 6% PCS so does it mean he bot Perpetual Securities or Preference Shares, please understand that an elderly will want to file his claim just in case he don't get part of his money back... He was told he will get 10.7% so for every 1K, he will get $30 in cash and $77 in values of share? Does it mean he will keep his $77 in values of shares in the new company, if that new company earn returns, he might get some more money back? Sorry, if I sound funny but these are the exact questions from him...I still trying to read more from this forum, can anyone help share here to help an old man? Thanks a lot.
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    Old 28-02-2019, 06:44 PM   #2229
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    he heard it from a fren and purchased it but that fren passed away in Dec 2018...so now no one can help him...
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    Old 28-02-2019, 07:04 PM   #2230
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    If it's under CDP don't have to file.

    Ask him to join the telegram group .
    We can help one another there with queries .
    https://t.me/hyflux_retail
    So if preference shares or perp shares are held with CDP, there's no need to file the claim by tmrw?
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    Old 28-02-2019, 07:35 PM   #2231
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    For perp or prefetence shares, u get 3% in cash and 7% in stocks in new hyflux. Share price of new hyflux fluctuates so if it starts to earn profits, share price goes up and shares worth more. So the old man understanding is correct, just that returns from stocks depend on share price

    Pity e elderly, a friends colleague whom is an elderly also dont know what to do then went to ask him, and he also dont know anything

    Last edited by arctician; 28-02-2019 at 07:37 PM..
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    Old 28-02-2019, 07:49 PM   #2232
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    he heard it from a fren and purchased it but that fren passed away in Dec 2018...so now no one can help him...
    *shakes head*
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    Old 28-02-2019, 08:39 PM   #2233
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    If in CDP no need to file claims. Hyflux will get from CDP.

    Also advise them to turn up and vote on 5 April.

    Both information can be found here.

    https://www.hyflux.com/wp-content/up...e-meetings.pdf

    If they want to find out more, can attend townhall by Hyflux on 13 March 7pm. Free. Registration needed.

    http://infopub.sgx.com/Apps?A=COW_Co...Feb%202019.pdf

    SIAS also conducting briefings on 4 and 5 Mar. Free. Need to register.

    https://sias.org.sg/event/sias-indep...lux-limited-3/

    For elderly, best that you ask them to show you their CDP statement to be sure it is really in CDP. Will also need to submit the CDP statement as proof of holding if they want to register for townhall and briefings.
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    Old 28-02-2019, 08:43 PM   #2234
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    Business times now got article with title "SIAS urges senior creditors to give up more for perps and prefs".

    On mobile, sorry no link.

    Scriptwriter jskm.
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    Old 28-02-2019, 08:45 PM   #2235
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    Must go down to hyflux office to vote in person? Or can email documents..for m1 i see most are accepting e offer..how about for hyflux perps?
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