https://www.channelnewsasia.com/new...ments-for-repudiation-of-rescue-deal-11447046
Hyflux sues SM Investments for repudiation of rescue deal
Hyflux sues SM Investments for repudiation of rescue deal
-
IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here. The OTHER forum is HERE so please stop asking.
Hyfuck sue people until their own pants drop
- Thread starter rambo22
- Start date
Ms Lum is trying her luck machiam limpeh try my $1 on $13M toto like that
Skip Navigation
Main navigation and Meta Navigation
To Home
image: https://www.channelnewsasia.com/blueprint/cna/img/logo-cna-mobile.svg
Meta Main Navigation
Toggle share menu
Singapore Edition International Edition
Hyflux sues SM Investments for repudiation of rescue deal
BusinessHyflux sues SM Investments for repudiation of rescue deal
image: data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==
(Photo: Jeremy Long)
By Tang See Kit
15 Apr 2019 06:28PM(Updated: 15 Apr 2019 07:01PM)
Share this content
SINGAPORE: More than a week after scrapping a key rescue dealwith Indonesia’s SM Investments, Hyflux said on Monday (Apr 15) it is suing its would-be white knight.
In a statement, Hyflux said it has filed a writ of summons in the Singapore High Court “to commence an action against the investor for repudiation of the restructuring agreement”, as well as to claim a S$38.9 million deposit.
Hyflux has previously asserted its right to lay claim to this deposit, which was placed into escrow shortly after the execution of the restructuring deal, should SM Investments “wrongfully terminate” the pact.
The statement noted that SM Investments "has denied that it has repudiated the restructuring agreement” inked last October.
Hyflux said it will provide further updates as and when there are further material developments.
Knee deep in debt, the former star company sought court protection to reorganise its debts last May. By October, it found a white knight in SM Investments, which said it would invest S$530 million in exchange for a 60 per cent stake.
Advertisement
However, cracks in the partnership started to surface by mid-March when the Indonesian consortium said it could walk away from the deal after Hyflux's subsidiary was slapped with a default notice from PUB.
Later that month, it hit out at the Singapore company again over information disclosures and another alleged default at Hyflux's Magtaa desalination plant in Algeria.
With just weeks to go before its court-approved debt moratorium expires at the end of this month, Hyflux on Apr 4 terminated the restructuring agreement, citing that it has “no confidence” in SM Investments to complete the deal.
"Regrettably, the investor has declined to provide the company with such written confirmation that it will proceed to complete the proposed SMI Investment if the outstanding conditions are met," Hyflux had said earlier this month in terminating the deal.
"In the circumstances, the investor has repudiated the restructuring agreement," it added.
READ: Hyflux terminates restructuring plan with Indonesian investor
In response, SM Investments had said that it was "surprised" by Hyflux's actions. It added that it has abided the agreement at all times, and is taking legal advice on the matter.
The U-turn has left Hyflux hanging on a thread. During a case management conference last week, the company's legal advisors told the court that it plans to have discussions with all senior unsecured groups.
The company also has not decided whether to seek an extension in its debt moratorium. If it does, it will have until Apr 25 to make the necessary applications to the Singapore court.
The filing on Monday also included the announcement of nTan Corporate Advisory as an additional advisor in Hyflux's ongoing reorganisation process.
Source: CNA/sk(gs)
Tagged Topics
Share this content
More stories for you
Get the CNA newsletter in your inbox
SUBSCRIBE
Advertisement
More information about CNA
jump to top of page
Sections
About Us
Advertise with us
Get the news that matters in your inbox every morning!
Please enter your email address
I consent to the use of my personal data by Mediacorp and the Mediacorp group of companies (collectively "Mediacorp") to send me marketing and advertising materials in relation to goods and services of Mediacorp and its business partners and for research and analysis
SUBSCRIBE
Follow our news
Experience news with our apps
Copyright© Mediacorp 2019. Mediacorp Pte Ltd. All rights reserved.
image: https://secure-sg.imrworldwide.com/...sue-people-until-their-own-pants-drop.267103/
image: https://rp.gwallet.com/r1/cm/p46
Read more at https://www.channelnewsasia.com/new...ments-for-repudiation-of-rescue-deal-11447046
Main navigation and Meta Navigation
To Home
image: https://www.channelnewsasia.com/blueprint/cna/img/logo-cna-mobile.svg
Meta Main Navigation
- OpenAll SectionsAll SectionsClose
Toggle share menu
Singapore Edition International Edition
Hyflux sues SM Investments for repudiation of rescue deal
BusinessHyflux sues SM Investments for repudiation of rescue deal
image: data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==
(Photo: Jeremy Long)
By Tang See Kit
15 Apr 2019 06:28PM(Updated: 15 Apr 2019 07:01PM)
Share this content
SINGAPORE: More than a week after scrapping a key rescue dealwith Indonesia’s SM Investments, Hyflux said on Monday (Apr 15) it is suing its would-be white knight.
In a statement, Hyflux said it has filed a writ of summons in the Singapore High Court “to commence an action against the investor for repudiation of the restructuring agreement”, as well as to claim a S$38.9 million deposit.
Hyflux has previously asserted its right to lay claim to this deposit, which was placed into escrow shortly after the execution of the restructuring deal, should SM Investments “wrongfully terminate” the pact.
The statement noted that SM Investments "has denied that it has repudiated the restructuring agreement” inked last October.
Hyflux said it will provide further updates as and when there are further material developments.
Knee deep in debt, the former star company sought court protection to reorganise its debts last May. By October, it found a white knight in SM Investments, which said it would invest S$530 million in exchange for a 60 per cent stake.
Advertisement
However, cracks in the partnership started to surface by mid-March when the Indonesian consortium said it could walk away from the deal after Hyflux's subsidiary was slapped with a default notice from PUB.
Later that month, it hit out at the Singapore company again over information disclosures and another alleged default at Hyflux's Magtaa desalination plant in Algeria.
With just weeks to go before its court-approved debt moratorium expires at the end of this month, Hyflux on Apr 4 terminated the restructuring agreement, citing that it has “no confidence” in SM Investments to complete the deal.
"Regrettably, the investor has declined to provide the company with such written confirmation that it will proceed to complete the proposed SMI Investment if the outstanding conditions are met," Hyflux had said earlier this month in terminating the deal.
"In the circumstances, the investor has repudiated the restructuring agreement," it added.
READ: Hyflux terminates restructuring plan with Indonesian investor
In response, SM Investments had said that it was "surprised" by Hyflux's actions. It added that it has abided the agreement at all times, and is taking legal advice on the matter.
The U-turn has left Hyflux hanging on a thread. During a case management conference last week, the company's legal advisors told the court that it plans to have discussions with all senior unsecured groups.
The company also has not decided whether to seek an extension in its debt moratorium. If it does, it will have until Apr 25 to make the necessary applications to the Singapore court.
The filing on Monday also included the announcement of nTan Corporate Advisory as an additional advisor in Hyflux's ongoing reorganisation process.
Source: CNA/sk(gs)
Tagged Topics
Share this content
More stories for you
- Floods, cyber attacks, voter fraud: Indonesia braces itself for polling challenges
Toggle share menu - Hyflux has until Apr 25 to indicate if it needs more time to keep creditors at bay
Toggle share menu - Taiwan's Foxconn chief hints at presidential run
Toggle share menu
image: https://images.outbrainimg.com/transform/v3/eyJpdSI6IjdhMDEzZmM2ODMxZGIwMWZlNjBmZDc5MTVlMTRkZDk5YmU1YzQ3NWJlOGQ1OTUyZTY5OGZiYzRiODRkYTdhMmMiLCJ3IjozMDAsImgiOjI1MCwiZCI6MS41LCJjcyI6MCwiZiI6NH0.webp
7 Reasons Why Forex Trading Is Becoming PopularAxiTrader
image: https://images.outbrainimg.com/transform/v3/eyJpdSI6IjcxOTBmODhiYTBmNTU0OTMyMDJkYTljOTIyNmY3NWRmMTgxNjVlZWY0MzYzMjZhYzhmODM0ZDU0ZTE4NWU3MDciLCJ3IjozMDAsImgiOjI1MCwiZCI6MS41LCJjcyI6MCwiZiI6NH0.webp
Don’t miss this massive $770 Million* US Power JackpotLottoland Australia
image: https://images.outbrainimg.com/transform/v3/eyJpdSI6IjY3NzU2ZjFlOGJkNDA5MDczYjMzMmFjMWY4NzViZmQyNjZlMjY4YjdiYWVlN2E0ODY1OWNhZjY4ZDFlMDJjZWEiLCJ3IjozMDAsImgiOjI1MCwiZCI6MS41LCJjcyI6MCwiZiI6NH0.webp
Australia's economy will drop under Labor: Deloitte analysisSkyNews.com.au
The Most Beautiful Abandoned Places On EarthEditor Choice
Get the CNA newsletter in your inbox
SUBSCRIBE
Advertisement
More information about CNA
jump to top of page
Sections
About Us
Advertise with us
Get the news that matters in your inbox every morning!
Please enter your email address
I consent to the use of my personal data by Mediacorp and the Mediacorp group of companies (collectively "Mediacorp") to send me marketing and advertising materials in relation to goods and services of Mediacorp and its business partners and for research and analysis
SUBSCRIBE
Follow our news
Experience news with our apps
Copyright© Mediacorp 2019. Mediacorp Pte Ltd. All rights reserved.
image: https://secure-sg.imrworldwide.com/...sue-people-until-their-own-pants-drop.267103/
image: https://rp.gwallet.com/r1/cm/p46
Read more at https://www.channelnewsasia.com/new...ments-for-repudiation-of-rescue-deal-11447046
Put cock near her cheebye never insert so must sue. 
Olivia Lum should go stand at the Geylang lorongs in the evening. She's get the money she needs if she works hard enough.
In a joint statement, the Monetary Authority of Singapore, the Accounting and Corporate Regulatory Authority and the Singapore Exchange Regulation said they “are currently reviewing Hyflux-related disclosure issues, as well as compliance with accounting and auditing standards.”
The review is “to determine if there have been breaches of listing rules and/or the relevant laws and regulations,” they said, without giving details or saying what had prompted the review.
https://in.reuters.com/article/hyfl...ew-hyfluxs-disclosure-standards-idINL3N21Y2TV
Hope the scammer and board of Directors will be jailed very soon.
The review is “to determine if there have been breaches of listing rules and/or the relevant laws and regulations,” they said, without giving details or saying what had prompted the review.
https://in.reuters.com/article/hyfl...ew-hyfluxs-disclosure-standards-idINL3N21Y2TV
Hope the scammer and board of Directors will be jailed very soon.
Sam Leong can buy over Hyflux if he wants.
Imagine SBF owner rescues Hyflux as headline on Straits Times. That will be historical.
Imagine SBF owner rescues Hyflux as headline on Straits Times. That will be historical.
Similar threads
