There are persistent rumour that
some creditor banks (likely Maybank and OCBC) disturbed Hyflux's asset sales (there are interested buyers for Tuaspring), it explains why Hyflux applied for court injunction. If Hyflux can sell Tuaspring and some other assets, they are fine. The company collapsed because they got too much interests to pay. However, this company got a lot of good infrastructure assets globally* and they are going to run their second power plants in Singapore with Mitsubishi. All these are worth a lot. The creditor banks buay song that that Olivia committed to pay off their preference shareholders ASAP after asset sales.
*Source: "the firm may actually have a better chance of selling its other assets such as the 30% residual stake in the SingSpring desalination plant, 25% stake in the TusWater project, 85% stake in the Qurayyat IWPP, which have more favourable prospects."
https://sbr.com.sg/energy-offshore/...lux-speeds-asset-sale-amidst-liquidity-crunch
Olivia opted for the most crazy move, XD or XI for perpetual securities has been recorded but they will not pay coupons. This destroys the company completely. No listed company in my memory had forsaken payments after XD. Nobody will lend them money anymore.
This hints that there is going to be a Change-Of-Control event soon. Someone reputable will take a controlling stake in Hyflux. In this way, Hyflux will be able to enjoy low rates of financing in future, under a new reputable owner (likely China or Singapore govt-related). Please note that the Japanese and Middle East buyers cited in 2017 are just interested in Hyflux's asset, not ownership**.
**Source: Foreign buyers eye Hyflux water plant
https://www.straitstimes.com/business/foreign-buyers-eye-hyflux-water-plant
(The above assumptions are made, based on Olivia being good-hearted and trying her best to return the principal to Hyflux investors)