Dear MTN holders, according to the same legal who hinted the liquidation news to us two weeks ago, I wish to confirm that we will NOT be ranked pari passu with bank creditors.
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Regulators Refusing to Act - Hyflux & Noble Group's Decline
- Thread starter JustLikeThis
- Start date
Dear MTN holders, according to the same legal who hinted the liquidation news to us two weeks ago, I wish to confirm that we will NOT be ranked pari passu with bank creditors.
In my MTN chatgroup, a few said that the two hyflux telegram groups will shut.
1. New owner of the group may change. Got two people tried to form new groups. One registered this morning and shut again.
2. It may become a "private group" in telegram, only verified or invited members may join.
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the writing was on the wall that it was failing. those holding on were those who believed in PAP. LOL
That article was written by Reuters. Local press will not dare to remind you that "Authorities launched investigation" and no outcome.
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@SOS's request makes sense. Please consider. My whatsapp group shared that over a thousand hyflux investors lost touch with each other. It is a very suspicious move as they were about to merge with MTN holders to fund ligation against the regulators for non-disclosure of the magnitude of the power plant business.
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Let’s see if this sticky thread helps in any way. Good luck, folks
Thank you for helping.
Now @JustLikeThis please amend the title and inform about the new Hyflux group for MTN and PNP to connect.
Details here, they truly have no money. Utico needs Hyflux to reduce their debt ratios.
https://www.singaporelawwatch.sg/He...or-Hyflux-2-days-after-winding-up-application
Under the latest proposal, Mr Menezes said, Hyflux's unsecured senior creditors will receive five cents on the dollar while retail investors in Hyflux's preference shares and perpetual securities (PnP) will receive four cents. Mr Menezes has agreed to place S$50 million of his personal shares in Utico in escrow to guarantee the deal. This will be followed by S$50 million in cash once an agreement has been signed.
sue the board of directors or sue the regulators?
凯发散户会否提出集体诉讼？
https://www.zaobao.com.sg/finance/singapore/story20210608-1153324
Which local media dare to mention this? When Hyflux first collapsed, even SCB banker told me that PAP would save the Hyflux investors.
I don't know about PNPs.
As an MTN holder, some of us knows the board of directors are white horses. Earlier i shared that how PUB can influence Hyflux over settlement with SMI, so personally i will shoot my bullets are the regulators.
Just curious, why bank debts are ranked higher than MTN?
I am a holder of P&Ps. I already resigned to the fact that I would get nothing back.
Just hope that CAD, MAS or ACRA would prosecute OL & BOD for this fiasco. Even laymen like me can see so many issues, can't imagine our gov. turning a blind eye.
I completely agree with you that government is turning a blind eye. Even the news of the liquidation was leaked to manage everyone's expectations.
1. Some of the creditor-banks are secured. What's left is little after the three years debts is barely enough to pay these secured lenders. In company law, unsecured senior debts include unsecured bank creditors. Lawyers are also paid to argue in court that unsecured bankers can be craved out along with trade vendors, and ranked higher than MTN bondholders.
2. Initially, Perpetuals Bondholders were damn important because Olivia broke the laws by paying herself Hyfluxshop before paying the Perpetual bonds. This violated listing rules and fundamentals of company laws. All of us thought that there would be no need to waste money on civil suits because CAD would intervene. This matter alone can hold the whole board of directors accountable. However, like you say, regulators turned a blind eye.
3. Next, DBS was the first to be bailed out because MAS said DBS did not wrong. To all the PnPs and MTN holders, the prospectus never highlighted the substantial risk and true business nature of Tuaspring; again, we were under the impression that MAS would act against DBS (and we need not waste money on civil suits). This is why MAS quickly excused DBS.
i leemember someone said that hyflux is what warren buffet would buy as a good long time business with an investment moat... hahaha..fucking stupid guy
Interesting to note that the JM managers, Borrelli Walsh quit 3 weeks before the next hearing. It could hint that Hyflux had no money to pay them. Otherwise hanging around till then or for a few more months, will give Borrelli Walsh some additional income.
Also bear in mind that in the beginning Borrelli Walsh was advising the UWG, they don't have any love with MTN although the court defined MTN and banks as senior unsecured creditors.
If it is because of $$$ issue that the made the JM quit early last week, that means Hyflux don't even have money now to hire any legal to represent them in courts, in the days ahead.
Also bear in mind that in the beginning Borrelli Walsh was advising the UWG, they don't have any love with MTN although the court defined MTN and banks as senior unsecured creditors.
If it is because of $$$ issue that the made the JM quit early last week, that means Hyflux don't even have money now to hire any legal to represent them in courts, in the days ahead.
David Gerald dares not mention the government cover up.
https://www.businesstimes.com.sg/co...liquidation-a-sad-day-for-corporate-singapore
https://www.businesstimes.com.sg/co...liquidation-a-sad-day-for-corporate-singapore
Update: Hyflux unlikely to attend this week's pre-trial conference because they have no legal to rep them.
CAD and ACRA's investigation on Hyflux is concluding soon.
新加坡警方和金融监管机构针对凯发集团（Hyflux）展开的调查已超过一年，当局透露调查工作已接近尾声。
https://www.zaobao.com.sg/finance/singapore/story20210609-1153774
新加坡警方和金融监管机构针对凯发集团（Hyflux）展开的调查已超过一年，当局透露调查工作已接近尾声。
https://www.zaobao.com.sg/finance/singapore/story20210609-1153774
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