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The next Lehmen Minibond Saga
- Thread starter Hangover
- Start date
Goldilocks, Noble's third largest shareholder, said that Noble's board is "no longer representative" of the company's stakeholders after a number of recent membership changes.
Noble has appointed three UK-based restructuring specialists - Andrew Herd, Tim Isaacs and Fraser Pearce - as independent non-executive directors with effect from April 4.
Goldilocks questioned these appointments, given that the three individuals, being residents in the United Kingdom, "do not have any prior experience as directors of a public listed company in Singapore".
It added that it was concerned these appointments seemed to only serve the purpose of facilitating a move to the UK to implement the restructuring.
A group of Noble's perpetual bondholders had reportedly proposed a four-year US$700 million committed trade finance facility at "considerably lower cost" than what Noble has struck with its senior unsecured creditors. Noble, however, has not released any details on this.
http://www.businesstimes.com.sg/com...ion-to-noble-plan-objects-to-newest-directors
Noble has appointed three UK-based restructuring specialists - Andrew Herd, Tim Isaacs and Fraser Pearce - as independent non-executive directors with effect from April 4.
Goldilocks questioned these appointments, given that the three individuals, being residents in the United Kingdom, "do not have any prior experience as directors of a public listed company in Singapore".
It added that it was concerned these appointments seemed to only serve the purpose of facilitating a move to the UK to implement the restructuring.
A group of Noble's perpetual bondholders had reportedly proposed a four-year US$700 million committed trade finance facility at "considerably lower cost" than what Noble has struck with its senior unsecured creditors. Noble, however, has not released any details on this.
http://www.businesstimes.com.sg/com...ion-to-noble-plan-objects-to-newest-directors
Noble restructuring in doubt as founder Elman said to push for new deal
https://www.businesstimes.com.sg/co...bt-as-founder-elman-said-to-push-for-new-deal
Mr Elman, who resigned from the board last month due to "differences of opinion" with the firm's directors and creditors over its future, is pushing to increase the stake that current shareholders will get in Noble immediately after the restructuring to 15 per cent to 20 per cent, up from 10 per cent under the current deal, the people said, asking not to be named discussing private conversations.
The 77-year-old British executive also wants a say in the company's future, potentially including a seat on the board, one of the people said. Mr Elman is pushing for a better deal for himself and others days after the Singapore's stock market regulator criticised the restructuring plan and asked creditors to reconsider some of its proposals.
https://www.businesstimes.com.sg/co...bt-as-founder-elman-said-to-push-for-new-deal
Mr Elman, who resigned from the board last month due to "differences of opinion" with the firm's directors and creditors over its future, is pushing to increase the stake that current shareholders will get in Noble immediately after the restructuring to 15 per cent to 20 per cent, up from 10 per cent under the current deal, the people said, asking not to be named discussing private conversations.
The 77-year-old British executive also wants a say in the company's future, potentially including a seat on the board, one of the people said. Mr Elman is pushing for a better deal for himself and others days after the Singapore's stock market regulator criticised the restructuring plan and asked creditors to reconsider some of its proposals.
Olivia should just take a backseat and be chairman.
Hyflux says talks ongoing with potential investors
http://www.businesstimes.com.sg/com...-18-company-says-talks-ongoing-with-potential
Hyflux says talks ongoing with potential investors
http://www.businesstimes.com.sg/com...-18-company-says-talks-ongoing-with-potential
RUMOUR: Hyflux is able to offload her assets or find new investors. But some bank creditors want Hyflux to use the money to pay them first.
In an internal bank memo, it was stated that the institution should not increase exposure to Hyflux as long as Olivia is in charge because she refuses to dilute her stakes or offload Tuaspring
(They are several buyers for Tuaspring and Tuas Waste-to-Energy plant and interested investors for Hyflux's stake, including Singapore, Japan and China.)
Earlier Hyflux has committed to redeem the Preference Shares once they offload stake in Tuaspring. So the 30 days could give them time to prioritize payment to retail investors over the bank creditors.
Watch the story unfolds..........
Hyflux seeks court protection for 30 days.
https://www.bloomberg.com/news/arti...l-seeking-court-protection-for-creditor-talks
In an internal bank memo, it was stated that the institution should not increase exposure to Hyflux as long as Olivia is in charge because she refuses to dilute her stakes or offload Tuaspring
(They are several buyers for Tuaspring and Tuas Waste-to-Energy plant and interested investors for Hyflux's stake, including Singapore, Japan and China.)
Earlier Hyflux has committed to redeem the Preference Shares once they offload stake in Tuaspring. So the 30 days could give them time to prioritize payment to retail investors over the bank creditors.
Watch the story unfolds..........
Hyflux seeks court protection for 30 days.
https://www.bloomberg.com/news/arti...l-seeking-court-protection-for-creditor-talks
My love letter to Ms Olivia Lum, I hope you step down for the good of the company. It is not that Hyflux is broke, but your stubborn refusal to heed the advices of your financial team destroyed Hyflux's creditibility because of the technical default.
Resumption of trading will be messy now. So I hope they remain suspended for 30 days if the bloomberg article is true.
As for the rumour, if it is true:
1. Hyflux found buyer for Tuaspring, u should buy more preference shares.
2. The announcement is not voluntary bankruptcy filing, it is to prevent creditor banks from disturbing them in the next 30 days, something big is brewing but i dunno what. I suspect OCBC or Maybank disturb them.
LETTER TO STAKEHOLDERS
Dear all, In the last three decades, Hyflux has grown from a small start-up to a global leader in water infrastructure solutions. Venturing beyond Singapore, we have built landmark projects to deliver clean drinking water to people in China, the Middle East and Africa. This would not have been possible without the strong support of our stakeholders. I sincerely thank all shareholders, clients, partners, suppliers and employees for their belief in us and the valuable roles each of you have played in the Hyflux growth story. One of our landmark projects is Tuaspring, the first Integrated Water and Power Project in Asia, which is an important track record to boost the Group’s solution offering to its municipal clients. This innovative project which contributes significantly to our nation’s water security, has, in recent years, not escaped the impact of depressed electricity prices in Singapore. As a result, 2017 marked the first full year of losses in our operating history. Although improvements in wholesale electricity prices have reduced losses in the last few months, a sharper rebound in prices is necessary to restore the Group to its previous levels of profitability. Operating in a capital-intensive industry, we have always adopted an asset-light strategy where we divest our completed projects to recycle capital into new investments. These successful divestments have funded our growth through the years. However, our recent plans to divest the Tuaspring project in Singapore and the Tianjin Dagang plant in China have taken longer given the prevailing market and this has added stress to the business. In view of the challenging environment, our options are to either maintain the status quo and hope to ride out the storm, or to step back and assess holistically how to reorganise our 2 liabilities. This will not only protect our viable core businesses but position us for long-term sustainable growth. We have therefore decided to be proactive, and have appointed Ernst & Young Solutions LLP as our financial advisors and WongPartnership LLP as our legal advisors. Based on their advice, we have commenced a court-supervised liabilities reorganisation exercise for certain entities within the Group. The main objective of this exercise is to provide much needed space and time for the Group to focus on its ongoing discussions with strategic investors, optimise operations, target areas for growth and complete our projects to keep generating steady cash flow. Through this exercise, we believe that we will emerge stronger and be poised for sustainable growth in the years to come. On the ground, it will continue to be business as usual. We remain committed to our clients and key stakeholders, whom we will engage and work closely with throughout this reorganisation so as to achieve the best possible outcome in these challenging circumstances. In the meantime, we have voluntarily suspended trading of our shares and related securities, in the interest of all stakeholder groups. In line with our commitment to uphold corporate transparency, we are committed to maintaining open channels of communication with our stakeholders as we move through this process together.
Should you need further information, please call our support centre at +65 3157 7999 or visit our corporate website www.hyflux.com.
Olivia Lum Executive Chairman and Group Chief Executive Officer
Dear all, In the last three decades, Hyflux has grown from a small start-up to a global leader in water infrastructure solutions. Venturing beyond Singapore, we have built landmark projects to deliver clean drinking water to people in China, the Middle East and Africa. This would not have been possible without the strong support of our stakeholders. I sincerely thank all shareholders, clients, partners, suppliers and employees for their belief in us and the valuable roles each of you have played in the Hyflux growth story. One of our landmark projects is Tuaspring, the first Integrated Water and Power Project in Asia, which is an important track record to boost the Group’s solution offering to its municipal clients. This innovative project which contributes significantly to our nation’s water security, has, in recent years, not escaped the impact of depressed electricity prices in Singapore. As a result, 2017 marked the first full year of losses in our operating history. Although improvements in wholesale electricity prices have reduced losses in the last few months, a sharper rebound in prices is necessary to restore the Group to its previous levels of profitability. Operating in a capital-intensive industry, we have always adopted an asset-light strategy where we divest our completed projects to recycle capital into new investments. These successful divestments have funded our growth through the years. However, our recent plans to divest the Tuaspring project in Singapore and the Tianjin Dagang plant in China have taken longer given the prevailing market and this has added stress to the business. In view of the challenging environment, our options are to either maintain the status quo and hope to ride out the storm, or to step back and assess holistically how to reorganise our 2 liabilities. This will not only protect our viable core businesses but position us for long-term sustainable growth. We have therefore decided to be proactive, and have appointed Ernst & Young Solutions LLP as our financial advisors and WongPartnership LLP as our legal advisors. Based on their advice, we have commenced a court-supervised liabilities reorganisation exercise for certain entities within the Group. The main objective of this exercise is to provide much needed space and time for the Group to focus on its ongoing discussions with strategic investors, optimise operations, target areas for growth and complete our projects to keep generating steady cash flow. Through this exercise, we believe that we will emerge stronger and be poised for sustainable growth in the years to come. On the ground, it will continue to be business as usual. We remain committed to our clients and key stakeholders, whom we will engage and work closely with throughout this reorganisation so as to achieve the best possible outcome in these challenging circumstances. In the meantime, we have voluntarily suspended trading of our shares and related securities, in the interest of all stakeholder groups. In line with our commitment to uphold corporate transparency, we are committed to maintaining open channels of communication with our stakeholders as we move through this process together.
Should you need further information, please call our support centre at +65 3157 7999 or visit our corporate website www.hyflux.com.
Olivia Lum Executive Chairman and Group Chief Executive Officer
if a shit counter like ezion also can find a white knight... OL can sleep well...
what is a water filtration company doing in the property business?
if i want to own property i buy good reits like Ireit and First reit......not losing companies trying to prop up their losses with real estate like keppel and sph.
if i want to own property i buy good reits like Ireit and First reit......not losing companies trying to prop up their losses with real estate like keppel and sph.
ezion is the company that makes fans right?
Good write-up
https://sbr.com.sg/energy-offshore/...lux-speeds-asset-sale-amidst-liquidity-crunch
However, market takeup hasn’t been as aggressive as the company would have liked as attracting the right buyers for Tuasprings project has been notably sluggish, according to Oriano Lizza, sales trader at CMC Markets.
In fact, 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
However, market takeup hasn’t been as aggressive as the company would have liked as attracting the right buyers for Tuasprings project has been notably sluggish, according to Oriano Lizza, sales trader at CMC Markets.
In fact, 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.
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 Emperor's New Clothes
I read in the press that Najib was sincerely wondering why he lost. Up to the final moments, his wife was still happily texting the minister's wives that victory was secured with over 133 votes.
I lost money in both Hyflux and Noble's collapse. Easily more than 56,000 investors (shares, bonds and those using CPF OA accounts) are affected by these two companies, so I truly have no right to complain.
The silence of those in MAS and SGX is deafening indeed. For years, Singaporeans had been indifferent to many issues and wouldn't vote for change unless something affected them directly.
Hyflux has became the largest corporate failure in modern Singapore history (based on the number of investors affected). Let's just hope these losses will bring about a catalyst for change in Singapore.
I read in the press that Najib was sincerely wondering why he lost. Up to the final moments, his wife was still happily texting the minister's wives that victory was secured with over 133 votes.
I lost money in both Hyflux and Noble's collapse. Easily more than 56,000 investors (shares, bonds and those using CPF OA accounts) are affected by these two companies, so I truly have no right to complain.
The silence of those in MAS and SGX is deafening indeed. For years, Singaporeans had been indifferent to many issues and wouldn't vote for change unless something affected them directly.
Hyflux has became the largest corporate failure in modern Singapore history (based on the number of investors affected). Let's just hope these losses will bring about a catalyst for change in Singapore.
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