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

[Filloz]

Retail investor's weightage increased. If we give a resounding NO-VOTE to the junior unsecured creditor class, there is more ethical-basis for the judge to NOT cram down on us, given a higher weightage now.

https://www.businesstimes.com.sg/companies-markets/hyflux-admits-s281b-in-claims-after-adjudication

Besides certain trade and other claims, Hyflux also rejected S$776 million in contingent claims - including the S$502.6 million claimed by project company Tahlyat Myah Magtaa for contracts dealing with a Hyflux desalination plant in Algeria.

Meanwhile, HSBC Institutional Trust Services (Singapore), the trustee of Ascendas Reit, had claimed S$120.9 million over the lease of the Hyflux Innovation Centre and the Hyflux building at Kallang Bahru - but just S$41.4 million of that claim was admitted.

And, when it came to the S$150 million claimed by RBC Investor Services Trust Singapore, the trustee of ESR-Reit, for a rent guarantee on Hyflux's Tuas Hub lease, only S$83.3 million of that sum made the cut.

Removal of these $776m in claims, reconfirms that noteholders will determine the outcome. Our lawyers explained this situation to us a month ago. Notesholders are in the best-position, we are only about 10% of total claims and yet we determine the outcome because of our headcounts in Senior Class. Please stay united and Vote NO, everyone got to pacify us to move forward. Don't settle for 25%, GET 100%%% BACK.

ATTENTION NOTEHOLDERS!!! - PLEASE READ AND SHARE. WE HAVE HOPE.

As long as all Hyflux noteholders vote "No" , we can make bankers beg us to support because we have the numbers in Senior Class. We call the shots, according to our representative lawyer. He said we have a high chance to recover 100% if we stay united. If we say no, nothing can proceed.

As long as we stay as a team and reject, everyone will pacify us and give us back 100% + penalty interests. I am serious. Our Akin Gump lawyers had briefed those who involved. We dominate the votes in unsecured class. Bankers can continue to enjoy their banking relationship with Hyflux, but we just want our 100% back. It is really possible. Don't fall to SIAS's and Hyflux's lies and accept the haircuts.

PLEASE PASS THE MESSAGE.

 

[Filloz]

Good morning, I am pleased to share with you that the third townhall is postponed, because someone went to lim kopi. Definitely not because they need a larger venue; the turnout application for third townhall is not really larger than the second townhall (Perps, pref and notes) as of last weekend. They lied again.

https://www.channelnewsasia.com/new...oming-town-hall-meeting-larger-venue-11333546

Where is Olivia? Didn't hear about Olivia for many days. Is something brewing?
https://www.zaobao.com.sg/zfinance/invest/story20190318-940888

但凯发至今仍未宣布新的日期和地点。而债权人表决债务重组计划的日子（4月5日）正在逼近。洪崇瑜受询时表示，目前投资者的情绪相当负面，对话会较迟举行对争取批准债务重组计划不一定有利。此外，投资者想知道，如今公用事业局（PUB）已发出违约通知，此事对公司的展望和重组计划有何影响？接管大泉水电厂（Tuaspring）究竟是什么意思？如果水电厂被接管，公用事业局是否会以及会给多少赔偿？

 

[JustLikeThis]

Restructuring agreement at risk due to Tuaspring default
https://www.businesstimes.com.sg/co...ement-at-risk-due-to-tuaspring-default-hyflux

HYFLUX'S restructuring agreement with SM Investments Pte Ltd may be terminated if defaults by Hyflux subsidiary Tuaspring Pte Ltd are not remedied within two weeks, the water treatment company said in a Singapore Exchange filing on Monday. SM Investments may assert its right to terminate the restructuring agreement if the matters stated in the PUB notice are not remedied by the end of the two-week period, which is April 1


Tight Dates:
April 5, Voting Date
April 2, Deadline for proxy submission
April 1, Indonesians to decide if they will withdraw

 

[hofmann]

Restructuring agreement at risk due to Tuaspring default
https://www.businesstimes.com.sg/co...ement-at-risk-due-to-tuaspring-default-hyflux

HYFLUX'S restructuring agreement with SM Investments Pte Ltd may be terminated if defaults by Hyflux subsidiary Tuaspring Pte Ltd are not remedied within two weeks, the water treatment company said in a Singapore Exchange filing on Monday. SM Investments may assert its right to terminate the restructuring agreement if the matters stated in the PUB notice are not remedied by the end of the two-week period, which is April 1


Tight Dates:
April 5, Voting Date
April 2, Deadline for proxy submission
April 1, Indonesians to decide if they will withdraw

Conspiracy theory (ie low probability, but plausible):

Rather than lose face and have the restructuring scuttled by noteholders (and inadvertently empowering the individual(s) over the state) they are giving SM an out by creating the tuas spring in default scenario.

It would be a huge slap in the face of the regulators who are trying to create a restructuring hub here if the first major action is scuttled by individual noteholders.

This theory would be proven wrong if the indons do not withdraw and push ahead.

If they withdraw, the theory gains credence.

 

[Filloz]

Conspiracy theory (ie low probability, but plausible):

Rather than lose face and have the restructuring scuttled by noteholders (and inadvertently empowering the individual(s) over the state) they are giving SM an out by creating the tuas spring in default scenario.

It would be a huge slap in the face of the regulators who are trying to create a restructuring hub here if the first major action is scuttled by individual noteholders.

This theory would be proven wrong if the indons do not withdraw and push ahead.

If they withdraw, the theory gains credence.

I am just worried if this is a ploy to reduce turnouts by notesholders during actual voting because we will only know in the final days whether SM will proceed.

 

[Filloz]

Removal of these $776m in claims, reconfirms that noteholders will determine the outcome. Our lawyers explained this situation to us a month ago. Notesholders are in the best-position, we are only about 10% of total claims and yet we determine the outcome because of our headcounts in Senior Class. Please stay united and Vote NO, everyone got to pacify us to move forward. Don't settle for 25%, GET 100%%% BACK.

ATTENTION NOTEHOLDERS!!! - PLEASE READ AND SHARE. WE HAVE HOPE.

As long as all Hyflux noteholders vote "No" , we can make bankers beg us to support because we have the numbers in Senior Class. We call the shots, according to our representative lawyer. He said we have a high chance to recover 100% if we stay united. If we say no, nothing can proceed.

As long as we stay as a team and reject, everyone will pacify us and give us back 100% + penalty interests. I am serious. Our Akin Gump lawyers had briefed those who involved. We dominate the votes in unsecured class. Bankers can continue to enjoy their banking relationship with Hyflux, but we just want our 100% back. It is really possible. Don't fall to SIAS's and Hyflux's lies and accept the haircuts.

PLEASE PASS THE MESSAGE.

Dear Hyflux Noteholders,

What happened to us does not make sense. We accepted lower yields in return for priority or debt seniority when the company is insolvent. Legally, we will be fully paid before the Junior Class get paid. In terms of value, we are so small, the smallest compared against retail investors and banks. In terms of head counts, we are less than 1% of retail investors. So, nobody will care about us, we need to take care of ourselves.

However, our unique position in the debt-structure allows us to rule over the bankers, please be united, turn up in strength to vote NO on April 5.


"SIAS is requesting the presumably richer senior Hyflux bondholders to waive their share and take the same payout as retail perpetual bondholders, rewriting the law in the process." http://www.hnworth.com/article/2019/03/11/2005-to-2019-an-obsession-with-plutonomy

 

[JustLikeThis]

In its statement on Monday, Hyflux said it is "is in communication with PUB" as well as the consortium over the notices from each side.

Singapore meets its water needs with a mix of imports from Malaysia, purification and desalination. Imports account for about 50% of demand, while desalination could meet up to 30%, according to the PUB. Tuaspring is the biggest of three existing desalination plants, and another two plants will be ready by 2020.

Water security has become an even more pressing issue since last year, when Malaysian Prime Minister Mahathir Mohamad's government started pushing to charge more for the water shipments.

The PUB said on March 5 that it was "taking steps to ensure that our water security is safeguarded," stressing that the Hyflux unit operating Tuaspring has failed to "to keep the plant reliably operational as required" and "has not been able to produce financial evidence to demonstrate its ability to keep the plant running for the next six months."

Earlier, when asked by Nikkei for clarification, the PUB said was it was "unable to provide details of the defaults which are subject to confidentiality obligations." The agency could not be reached for comment on Tuesday.

https://asia.nikkei.com/Business/Co...k-as-Singapore-threatens-to-seize-water-plant

 

[JustLikeThis]

Algerian firm files RM370m claim against Malakoff, Hyflux JV

KUALA LUMPUR: An Algerian company had filed a claim for 80mil euros (RM370mil) against Tlemcen Desalianation Investment Co. SAS (TDIC), Singapore's Hyflux Ltd and Malakoff Bhd over a desalination project in that country.

Malakoff said its lawyers in Paris had informed it that AEC had filed its request for arbitration at the International Chamber of Commerce International Court of Arbitration. Malakoff said AEC claimed the three companies were liable for breaches and negligence in the design, operation and maintenance of the plant.

AEC claimed the respondents had breached their contractual obligations and sought an order for them to pay the costs to repair the plant.

It also sought an order that the respondents guarantee the payment or reimburse the fine of 3.929bil Algerian dinar which was imposed on Almiyah Attilemcania SPA (AAS) by Algerian courts and currently pending outcome of AAS’ appeal at the Algerian Supreme Court).

To recap, AAS is a joint stock company incorporated in Algeria for the design, installation and operation of the plant. TDIC holds 51% of AAS and AEC 49%. The shareholders of TDIC, a company incorporated in France, are Malakoff AlDjazair Desal Sdn Bhd (MADSB) and MenaSpring Utility (Tlemcen) Pte Ltd (MUPL), holding 70% and 30% of the shares respectively.

MADSB is a unit of Malakoff while MUPL is wholly owned by Hyflux.

https://www.thestar.com.my/business...files-rm370m-claim-against-malakoff-hyflux-jv

 

[FuckOttoke]

Sign the petition now !

35,000 before April !

https://www.change.org/p/imda-singapore-ban-nas-daily-from-entering-singapore?signed=true

 

[JustLikeThis]

Will Oxley be the next Hyflux?


Terminated hotel deal a setback for Oxley's deleveraging plans
https://www.businesstimes.com.sg/co...-deal-a-setback-for-oxleys-deleveraging-plans

AGGRESSIVELY geared Oxley Holdings will find it harder to keep to its stated deleveraging schedule after a planned S$950 million sale of two Stevens Road hotels fell though.

BT understands that Gracious Land is owned by Indonesian tycoon Tahir, who goes by one name, and is the founder of Mayapada Group. Mayapada is a conglomerate with interests in banking, a hospital chain and real estate. Oxley said that among other things, Gracious Land had failed to meet a Feb 28 deadline to pay a deposit of S$38 million, being 4 per cent of the total consideration.

Oxley said it therefore notified Gracious Land of the termination of the LOI.

The buyer has also requested a refund of an initial S$9.5 million deposit it had paid to Oxley. The Singapore property group, however, has said it does not have to repay that amount, setting up both sides for a possible dispute.

Why Gracious Land did not keep to the payment schedule is anyone's guess. The collapsed deal is a setback for Oxley's plans to strengthen its balance sheet.

The company said in February that its gearing will improve from 2.55 times as at end-December 2018 to about two times upon the completion of sale of the two hotels. Most developers try to keep to a gearing limit of one at most.

Oxley was hoping to bring its debt level down to equal its equity value by the end of the year, executive chairman and chief executive Ching Chiat Kwong told BT in an interview published earlier this month.

The company has said it plans to pay off S$1.6 billion of debt due in the next three years through the sale of completed projects and through asset disposals.

The most pressing debt issue for Oxley at the moment comes from its S$450 million of retail bonds maturing in November 2019 and May 2020.​

 

[JustLikeThis]

Let's put aside the conspiracy that Maybank is screwing Singapore on behalf of China and Dr M. Commercially, Maybank is exposed to Hyflux and a bigger shit-hole called PacificLight . Maybank's plotted with Indonesians to create synergies between post-restructuring Hyflux and Pacific Light is alike using POSB to make DBS healther. If this is the case, NEA will rather confiscate Tuaspring.

From The Article Below:
https://www.businesstimes.com.sg/companies-markets/will-salim-medco-walk-away-from-hyflux-deal

It is also unclear how Tuaspring might fit with the Salim Group, which already controls PacificLight Power, an 800 MW genco on Jurong Island. PacificLight is in a US$553 million net debt position with a negative interest coverage ratio of -0.6.

As recently as August last year, holding company First Pacific was trying to divest its stake in PacificLight, to limit further capital commitments.

In fact, Salim-Medco may have tried to renegotiate a better water contract with PUB, Mr van der Lugt suggested.

Would PUB renegotiate? The fact is that PUB was interested only in desalinated water when it handed out the contract. The power portion of the plant was volunteered by Hyflux as a strategy to subsidise the costs of desalination. That helped the company to clinch the deal, but it also means that Hyflux is understood to supply water at a loss.


A PUB spokesman told BT: "The Water Purchase Agreement (WPA) between PUB and TPL is a confidential document and we are unable to disclose the terms of the WPA. The tariff was submitted by TPL in its tender bid for the Tuaspring project and agreed on by both parties in the WPA.

"Allowing an adjustment of the tariff would be unfair to the other companies that submitted bids for the tender. It would also create an unhealthy precedent for companies to request for renegotiation of tariffs under other DBOO (Design, Build, Operate and Own) projects."





So our dear Salim is also flip-flopping about what they do with PacificLight. Just plain opportunistic businessmen with no plans. Making money from our haircuts is not enough and they still want to break contract with PUB and make PUB pay more??

 

[Empower]

is this person @JustLikeThis

 

[Empower]

26 retail investors going to sue Hyflux Board of Directors
https://www.financeasia.com/News/450622,hyflux-debt-crisis-could-lead-to-lawsuit.aspx

 

[Empower]

Government threatens to take over Tuaspring at zero dollars.
https://www.channelnewsasia.com/new...over-desalination-plant-zero-dollars-11367034

Threatening us to vote YES. idiots! What kind of country do we have.

 

[Empower]

Will ensure that my family, children and close friends will never vote for PAP in their life.

 

[FuckOttoke]

I think Salim will run away , too much trouble !

 

[JustLikeThis]

Government threatens to take over Tuaspring at zero dollars.
https://www.channelnewsasia.com/new...over-desalination-plant-zero-dollars-11367034

Threatening us to vote YES. idiots! What kind of country do we have.

PUB got very aggressive now. They just want to be answerable for the water issue and that's it. They don't dare to take responsibility for the fact that LNG was force-fed to hyflux (even when not required) and they blocked the two foreign investors who agreed to pay min $1.4billion for Tuaspring. (Now PUB pays zero dollars). Olivia blamed PUB for the wrong demand forecast provided during bidding process.

PUB is not stupid too. If i understand correctly, they just want the desalination component of Tuaspring and let Hyflux bled on the power component. Everything is confidential according to them so we don't have much information to interpret at this stage.

Worst of all, I ran into a minister at a dinner last night. I asked briefly if he could help investors about Hyflux. He pretended never hear, smiled and walked away.

 

[caged10]

Will ensure that my family, children and close friends will never vote for PAP in their life.

So farking what, you stupid Sinkie??? As if they are going to lose power if your family, children, close friends don't vote for PAP. Grow a pair of balls. Get out of Singapore. You dare? If you don't, just shuddup and suck your thumb and let PAP rape your assholes!

 

[JustLikeThis]

Bloomberg's title is more transparent.

Singapore May Pay $0 For Water Plant That Cost Investors Millions
https://www.bloomberg.com/news/arti...ay-0-for-hyflux-water-plant-as-rescue-falters

Singapore’s government may pay nothing to take over a water desalination plant from cash-strapped Hyflux Ltd. while waiving a compensation fee, complicating the outlook for the firm’s restructuring plan. The Tuaspring project consists of a water-treatment plant and a combined-cycle power plant that were built by Hyflux at a cost of S$1.1 billion ($815.4m) after winning a 25-year concession in 2011.

 

[Filloz]

Government threatens to take over Tuaspring at zero dollars.
https://www.channelnewsasia.com/new...over-desalination-plant-zero-dollars-11367034

Threatening us to vote YES. idiots! What kind of country do we have.

What is PUB talking about? They said that they will waive the claims, therefore buying at zero dollars is good for Hyflux. I looked at the list of claimants and cannot find PUB listed. PUB is not a claimant in the first place. Our civil servants just come up with some claims or fines so that they can confiscate your assets? Buying at zero is confiscation, don't play with words.

No rule of law. Our market regulatory framework is like third world countries, run by corrupted or incompetent officials.