Vote wisely in the next elections, vote for change, that's the only chance left for Pnps.
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.