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A rift between Hyflux Ltd. and Utico FZC over the terms of the offer isn’t showing signs of healing, putting at risk the only chance now at resolving Singapore’s most high-profile restructuring case.
Hyflux investors gathered for a town hall with Utico FZC, one of the suitors for Singapore's highest-profile distressed debt case.
Singapore Exchange Ltd's (SGX) regulatory unit is looking into imposing stricter regulations for listed retail bonds, including tightening the admission criteria, a move that follows a high profile default by water treatment company Hyflux. In a statement on Thursday, Singapore Exchange Regulation (SGX RegCo) said it had set up a working group comprising representatives from law firms, banks and an investor group to review the retail bonds regulatory framework.
SINGAPORE (Jan 2): Singapore Exchange Regulation (SGX RegCo) has set up a working group to review the retail bonds regulatory framework. Comprising industry professionals and investors, the group will discuss matters such as the admission criteria for retail bond listings, the continuing obligations of issuers of such bonds, and ways to protect bondholder interest in the event of a default or restructuring. The working group is expected to present its recommendations and views to SGX RegCo by mid-2020.
SINGAPORE (Dec 18): Hyflux, the debt-laden water treatment company that is undergoing restructuring, said it has received an offer to buy its debt. Aqua Munda, a Singapore-incorporated company that develops filters to provide clean water, made an offer on Tuesday to holders of Hyflux's 4.25% notes due in 2018, as well as its 4.6% and 4.2% notes due in 2019. In addition, the offer includes the company’s outstanding debts from unsecured creditors of Hyflux, as well as the debts of three Hyflux subsidiaries, namely Hyflux Hydrochem, Hyflux Membrane Manufacturing and Hyflux Engineering.
SINGAPORE (Nov 26): Embattled Singapore water treatment firm Hyflux has finally signed a $400-million restructuring agreement with Middle Eastern utility player Utico FZC. This comes days before debt-laden Hyflux is set to appear before the High Court on Friday to seek an extension on its restructuring moratorium, which is set to expire on Dec 2. An earlier rescue package involving Utico acquiring an 88% stake in Hyflux through a $300 million equity injection for senior unsecured creditors, as well as a $100 million shareholder loan had failed to take off.
United Arab Emirates-based Utico FZC said on Thursday it was confident a restructuring deal with Singapore's indebted Hyflux Ltd could be reached, after the two sides earlier issued conflicting statements about progress on an agreement. Utico announced at the start of the week that a deal had been reached in which it would take 88% of Hyflux, but the Singaporean firm said on Wednesday no definitive agreement had been struck although discussions were advanced. Hyflux, which is under a court-supervised restructuring process, was once considered a national champion running a strategically important water source for the city-state.
Singapore's indebted Hyflux Ltd said no definitive restructuring deal with Utico FZC has been reached yet after the United Arab Emirates-based utility company said a deal had been agreed where it would take 88% of the water treatment firm. Both companies are, however, in advanced discussions and were trying to resolve some final issues before a definitive deal could be signed, Hyflux said in a statement to the Singapore Exchange late on Wednesday. Hyflux, which is under a court-supervised restructuring process, was once considered a national champion running a strategically important water source for the city-state.
United Arab Emirates-based utility Utico FZC said on Tuesday it had agreed a restructuring deal with Singapore's indebted water treatment firm Hyflux Ltd , giving it 88% of the company. Once lauded as a national champion running a strategically important water source for the city-state, Hyflux is now under a court-supervised restructuring process that could wipe out the holdings of tens of thousands of retail investors. Utico said it agreed a deal with Hyflux on Monday, the last day before an exclusive discussion agreement ended.
SINGAPORE (July 16): After months of high tension drama as it teetered on the brink of bankruptcy, Hyflux looks like it is finally going to be saved by a white knight investor. United Arab Emirates utilities group Utico FZC announced Tuesday it is buying an 88% stake in the debt-ridden water treatment firm for as much as $535 million. According to Utico managing director Richard Menezes, this could see Hyflux’s perpetual securities and preference (PNP) shareholders receiving “50% of their first $2,000 to $3,000 as well as a cascade and staggered deal to the rest, thus offering them options to exit and hope for full redemption”.