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

The hunt for lost billions: Failed Hin Leong's owners face asset claims
https://www.straitstimes.com/busine...ns-failed-hin-leongs-owners-face-asset-claims

SINGAPORE (REUTERS) - Stung by the collapse of Asia's top independent oil trading firm, some global banks have teamed up to seek the personal assets of the family behind Hin Leong Trading, which has left creditors on the hook for billions of dollars.



Try this version?


The hunt for lost billions: Failed Hyflux's managements face asset claims
 
JustLikeThis said:
The hunt for lost billions: Failed Hin Leong's owners face asset claims
https://www.straitstimes.com/busine...ns-failed-hin-leongs-owners-face-asset-claims

SINGAPORE (REUTERS) - Stung by the collapse of Asia's top independent oil trading firm, some global banks have teamed up to seek the personal assets of the family behind Hin Leong Trading, which has left creditors on the hook for billions of dollars.



Try this version?


The hunt for lost billions: Failed Hyflux's managements face asset claims
Click to expand...

Enterprise Singapore very depressed about Hin Leong. Huge blow to local bunkering business.
 
No news as of today, probably Bloomberg will get to report about the bidders before announcement. Insiders like to leak "harmless" info like these to Bloomberg to build relationship with reporters.
 
Last edited:
JustLikeThis said:
ok just announced. You are right
Click to expand...

I heard about it from the senior bond group's paid legal.

Ultimately, any private sector bids will only benefit the UWG group, so they have been updating the UWG group. Can't blame them. However, it looks like Olivia and her mates are spared for the time being, which I don't understand why.
 
SOS said:
Judicial Manager didn't even mention how many bidders to public.
Click to expand...

Should have special reasons on this part. It is not transparent because it meant JM got to filter the bidders. For example, Utico may said that they will pay off senior & juniors equally at 40%-recovery, then got swept under the carpets.
 
Maybe said:
Should have special reasons on this part. It is not transparent because it meant JM got to filter the bidders. For example, Utico may said that they will pay off senior & juniors equally at 40%-recovery, then got swept under the carpets.
Click to expand...

At least JM should announce the details of the offers received. Otherwise, that's not impartial and so what if we can vote for any restructuring when the best offer for retail investors are censored.
 
Maybe said:
Should have special reasons on this part. It is not transparent because it meant JM got to filter the bidders. For example, Utico may said that they will pay off senior & juniors equally at 40%-recovery, then got swept under the carpets.
Click to expand...

Why cannot let us know.
 
Focus said:
At least JM should announce the details of the offers received. Otherwise, that's not impartial and so what if we can vote for any restructuring when the best offer for retail investors are censored.
Click to expand...

In this world, some people just talk, rant and expect others to do things for them.

I hold the notes, and rightfully, i get paid every single cent before juniors get their allocation. I myself thought that there could be a higher chance by having junior creditors along with us. in the end, only a few bothered to seek help from their MPs.

Then P&P junior creditors only know self-pity among themselves and allowed management to use them as excuse to buy time and held the court hostage. Recovery could have been higher for everyone if JM takes over earlier, since most P&P are too shy to beg for state bailout.

The Seniors are more organized. UWG rocked Olivia and BoDs out of their nest and noteholders sue with legal.
 
Maybe said:
If you are a whitehorse, eg if you screw up SPH like Ng Yat Chung, you will still get bailed out.
SPH's balance sheet is very ugly now, it will delist like SMRT and Ng will be posted to a non-listed company because he is HC's people.
Click to expand...

SPH rallied to $1.80 now as Ng's departure expected to be announced soon. If General Ng comes over to Hyflux, I believe Temasek will help.
 
Maybe said:
Bloomberg said got six foreign bidders, no state bailout from Singapore.
https://news.bloomberglaw.com/bankr...-have-six-offers-as-submission-deadline-nears
Click to expand...

Not sure if there will be a state-sponsored bidder in final minutes yesterday, otherwise, near total-loss for retail investors.

Article Highlights:
  • As of a day before deadline, six overseas bidders. Two for restructuring, three for specific assets, one restructuring and/or specific assets.
  • JM claimed that company will run out of cash by Jun 30th.
  • JM aims to finalize binding term sheets around April 30th.
 
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