MAJOR ROAD BUMPS
In the most recent five years, the main source of funds were perpetual debt and preference shares. Its debt-to-equity ratio had been on a steady uptrend, which could have been beneficial if profits were healthy as the interest expense can serve as tax shields. Hyflux had also suffered losses from 2015. Profits in 2013 and 2014 were low. Net cash from operating activities had been negative since 2010.
Its iconic success and Olivia Lum’s rags-to-riches story captured the imagination of many, and investors may have become careless. They may have been attracted by the high yields. Issuers can claim up to 100 per cent of their credit rating expenses, subject to a cap of S$400,000 per issuer.
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Hyflux sues SM Investments over repudiation of rescue deal, claims S$38.9m depositDEBT-RIDDEN Hyflux has filed a lawsuit against its former suitor SM Investments (SMI) in the Singapore High Court for the repudiation of the rescue deal and is claiming the S$38.9 million deposit. Read more at The Business Times.
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Hyflux sues Indonesian consortium SMI, claims S$38.9m deposit made after restructuring dealHyflux filed a writ of summons in the Singapore High Court against the Indonesian consortium of businessmen “to commence an action against the investor for repudiation of the restructuring agreement” as well as to claim a deposit of S$38.9 million
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Hyflux sues SM Investments; appoints Nicky Tan as adviserHYFLUX could be headed for a debt moratorium extension application as it has added well-known restructuring specialist nTan Corporate Advisory as adviser for its ongoing court-supervised reorganisation process. Read more at The Business Times.
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