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Regulators Refusing to Act - Hyflux & Noble Group's Decline

R

Revenger

Alfrescian
Loyal
lol

there's nothing left in that empty shell .

every month bleeding millions in losses and pay millions to all the lawyers.
 
J

JustLikeThis

Alfrescian
Loyal
SOS said:
Vote wisely in the next elections, vote for change, that's the only chance left for Pnps.
Click to expand...

Yes, it is an elaborated fraud that regulators and government sought to cover up.

https://www.businesstimes.com.sg/co...lux-judge-attempts-to-order-funds-into-escrow

The Court on Tuesday attempted to find a back-stop measure for the advisers of some 34,000 retail investors in Hyflux’s debt by getting creditors to chip in towards an escrow amount that would help to pay the fees for the advisers of the preference shares and perpetual securities (PnP) holders and medium-term note (MTN) holders in the event of a liquidation.

The exercise appeared to be targeted especially at DBS, the sole lead manager and bookrunner of Hyflux’s issue of S$500 million, 6 per cent perpetual capital securities in 2016, and S$400 million, 6 per cent perpetual preference shares in 2011. Justice Aedit Abdullah at one point pressed for a response from any “creditor that might have gotten some benefit from the sale of product initially”.

The escrow suggestion also appeared to be an unpopular one, with opposition from Nish Shetty, partner at Clifford Chance Asia, which represents Hyflux. Eventually, after the hat had been passed around, it came back empty. No one volunteered, save for Hyflux which said that it can set aside at the most S$200,000 per month, up to a total of S$1 million, although this would aggravate its already-terrible cash flow situation.

In the hearing, the unsecured working group (UWG) also said that it has no confidence that rescue investor Utico and embattled water treatment firm Hyflux would be able to resolve their issues. Consequently, it said that it would not be supporting the scheme. The UWG’s holdings are such that it exceeds the requisite 25 per cent required to block the vote within its class of unsecured creditors, which include the medium-term note holders. The other two classes are the inter-company creditors and PnP holders, respectively.

Eddee Ng, senior partner at Tan Kok Quan Partnership, who represents the UWG, requested to be paid the same percentage to date as nTan, but Justice Abdullah waved away the suggestion, saying no such direction will be given for creditors “who can take care of themselves” and negotiate it out.

Meanwhile, Hyflux in a statement on Monday expressed its “disappointment’” in Utico’s decision to conduct its negotiations in relation to the restructuring through public announcements. This is especially as Utico’s press announcement contains material inaccuracies which “appear to be designed to further its negotiation with the company and dissuade competing third-party investors from investing”. Hyflux said it will address these inaccuracies and in due course in the right forum.
 
J

JustLikeThis

Alfrescian
Loyal
SIAS briefing was a waste of time.

Utico deal is a bailout for Hyflux directors. Again, accepting the restructuring deal requires the waiver of the rights to hold auditors and Board of Directors for their con jobs.

As I listened to the remaining nonsense, they truly treat me like a fool, at least that's what I felt. Visions of the massive bailout for SIA floated into my mind. Basically, we get only $1500 guaranteed, everything else is pluck out of thin. I appeal all to consider giving it a big NO.

Hyflux's rescue is peanuts compared to SIA and all they care, are the fine prints to bail out the wrongdoers. Hyflux didn't even speculate in futures like SIA, and with so many local Singaporeans ruined, yet we can't get any help from the state.

Do not think that you are insignificant. Every NO vote counts. Send a clear message to the regulators and government that we did not forget or forgive the wrongdoings. Today we punish them in restructuring vote, tomorrow our loved ones and friends will punish the bureaucrats in polls. We need them to know our anger and injustice.

Please, make ourselves heard in the voting, whether you have a small or big exposure. This year is our last chance.
 
J

JustLikeThis

Alfrescian
Loyal
Published two days ago


First 6 min
Part 1 sounds like Olivia
Part 2 sounds like Hyflux's natural gas contracts imposed by Pavilion
Part 3 sounds like Hyflux's bond issues

8th min onwards
Sounds like CFO and auditor's unrealistic accounting valuation for future-dated contracts' income stream to shore up Hyflux balance sheet.

11.30-12.30th min
Sounds like Hyflux having fun with venture into electric market and put water and electric business together.

14-15th min
Sounds like Hyflux painting a rosy picture of Middle East, Africa and China market's future income stream as "assets" despite risks.

18.30-19.30 min
Sounds like OCBC research article on Feb 2018 and Hyflux CEO and CFO's repeat denials about their unrealistic valuations and inability to redeem preference shares.

Sank like Titanic since then.
 
F

Filloz

Alfrescian
Loyal
Hope everyone is well. This is my take on the 22nd April voting.

From what I gathered, Senior Creditors (Banks and Noteholders) are still not supportive of Utico because they are projecting similar or more payouts under liquidation and Utico is unlikely to have the money (no prove of credibility till date). I suspect it will not pass through PNP because giving up $1500 per individual, will deny nTan corporate advisory and other restructuring advisors their $25-35m payouts.

Taking clue from the state's direct and indirect bailout for SIA and banks, there is a good chance that COVID is a blessing in disguise for us because it takes less than 1% of the announced funds to help 50,000 singaporeans and their family. My camp decided to give a overwhelming NO-vote and we hope more can join us.

During the SMI voting, senior and junior creditors joined hands and submitted in so many NO proxy-votes that Hyflux decided to call off the the voting in the last 24hours. This is people's power and united we stand. In my personal opinion, I believe this time, the government will intervene after we sink upcoming voting in April. Please participate and make use of this chance to be heard.

Please do your diligence and submit your proxy forms and vote AGAINST. I don't recommend attending because of COVID.
Notesholders - https://www.hyflux.com/wp-content/uploads/2020/03/Proxy-Form-Hyflux-Notes-Final.pdf
PNP - https://www.hyflux.com/wp-content/uploads/2019/03/Proxy-Form-Hyflux-Perps-and-Prefs.pdf
 
R

Revenger

Alfrescian
Loyal
is there anything left that can be confiscated for $0 ?

Govt no money left after Covid19 budget , must collect all the bad debts .
 
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