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Hyflux racing against time in hunt for new white knight

Hyflux racing against time in hunt for new white knight

Grappling with debts totalling $2.95 billion, Hyflux filed for court protection in May 2018 and is protected from creditors by a debt moratorium which expires on April 30.

Categories: Headlines
SM Investments to sue Hyflux for alleged breach of agreement

SM Investments to sue Hyflux for alleged breach of agreement

Maybank to appoint receivers, managers for Tuaspring assets excluding desalination plant.

Categories: Headlines
Ardmore Park tycoon made bankrupt in HK

Ardmore Park tycoon made bankrupt in HK

Sit Kwong Lam vouched for $40.6m of goods bought by S'pore firm but payment not made.

Categories: Headlines
PUB to take over Tuaspring to safeguard water security

PUB to take over Tuaspring to safeguard water security

PUB issued a notice to Hyflux yesterday to terminate their water purchase agreement, and will take over its Tuaspring plant next month.

Categories: Headlines
Regulators looking into Hyflux’s disclosure and accounting practices for possible breaches

Regulators looking into Hyflux’s disclosure and accounting practices for possible breaches

Hyflux has been undergoing a court-supervised restructuring process since May last year after chalking up debts amounting to nearly S$3 billion.

Categories: Headlines
Hyflux sues SM Investments; appoints Nicky Tan as adviser

Hyflux sues SM Investments; appoints Nicky Tan as adviser

Hyflux has fired the first legal salvo in its dispute with its former suitor SM Investments (SMI) as it filed a lawsuit on Monday in the SHC for the alleged repudiation of the rescue deal and is claiming the S$38.9m deposit.

Categories: Headlines
Hyflux yet to seek extension of debt moratorium

Hyflux yet to seek extension of debt moratorium

Judge says he'll need to see feasible plan before agreeing to any extension; company restarting talks with creditors to explore outcomes other than liquidation.

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Pacific Radiance's auditor flags going concern issue, cites 'material uncertainties'

Pacific Radiance's auditor flags going concern issue, cites 'material uncertainties'

Unable to obtain sufficient appropriate evidence to conclude whether the use of the going concern assumption to prepare these financial statements is appropriate: EY

Categories: Headlines
Can the Hyflux restructuring be resurrected?

Can the Hyflux restructuring be resurrected?

The focus now should be for stakeholders and creditors to give the firm time and space to find an alternative white knight by the end of April.

Categories: Headlines
California Fitness closure: Failures of management, auditors blamed in report

California Fitness closure: Failures of management, auditors blamed in report

Business allowed to be funded by gym members despite heavy debts: Liquidators

Categories: Headlines
Hyflux saga: Acra to assess if further action needed

Hyflux saga: Acra to assess if further action needed

Accounting regulator keeping close watch as investors ask why auditors failed to flag risks.

Categories: Headlines
Back to square one for Hyflux as it seeks new white knight

Back to square one for Hyflux as it seeks new white knight

Chances of liquidation have risen; experts say another saviour not likely to appear.

Categories: Headlines
Hyflux says Salim-Medco rescue is off; both sides play the blame game

Hyflux says Salim-Medco rescue is off; both sides play the blame game

The two parties are also laying claim to the S$38.9m deposit that Salim-Medco put into escrow last year, when it agreed to be Hyflux's white knight.

Categories: Headlines

BWF v BWG [2019] SGHC 81

Arbitration — Agreement
Allocation to Hyflux creditors not agreed on: Salim-Medco

Allocation to Hyflux creditors not agreed on: Salim-Medco

But Hyflux says it will reassess only if SMI 'reveals its true intentions'.

Categories: Headlines
Hyflux disputes white knight's claims of recourse to pull out from deal

Hyflux disputes white knight's claims of recourse to pull out from deal

If Salim-Medco "wrongfully terminates" the agreement, Hyflux said it would lay claim to S$38.9 million deposit placed in escrow.

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Investors query PUB's Tuaspring takeover bid

Investors query PUB's Tuaspring takeover bid

Sias letter raises concerns over water agency's offer to pay '$0' for desalination plant.

Categories: Headlines

Re Andrla, Dominic and another matter [2019] SGHC 77

Insolvency Law — Bankruptcy

Insolvency Law — Bankruptcy
Financial regulators keeping close watch on Hyflux saga

Financial regulators keeping close watch on Hyflux saga

MAS and SGX looking into water treatment company, will investigate if evidence of rule breaches are found.

Categories: Headlines

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