Hyflux postpones payment of $500m 6%-interest bonds

It was backed by its advisors and the bonds’ trustee.

Hyflux will not distribute the payment of its $500m 6% perpetual bonds which was scheduled on 28 May 2018 until further notice.

According to an announcement, it based the move on the advice of its advisors which was released on 22 May 2018.

Hyflux also noted that the bond trustee has recognised that there is a 30-day automatic moratorium banning creditors from taking action that could deal further damage to the firm's sensitive financial position. “The Company will continue to engage with, and provide information to, the perpetual trustee in this process,” it said.

Moreover, Hyflux said it has been “actively engaging” with the Securities Investors Association (Singapore) (SIAS) to facilitate the better engagement of the holders of perpetual securities, $100m 4.25% notes due 2018, $65m notes due 2019, and $100m 4.2% notes due 2019.

Hyflux is starting a court-supervised liabilities reorganisation of liabilities and businesses, tapping on EY and WongPartnership LLP as its financial and legal advisors respectively, as it tries to plug massive losses brought about by the weaker performance from its local and overseas markets.

The reorganisation process aims to ban proceedings that are arbitral and administrative in nature against the company as well as any legal processes against Hyflux’s properties for a six-month period, in a move that aims to preserve the company’s tethering financial standing.

Get Singapore Business Review in your inbox
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Mapletree companies showed the most growth.
Realtors will use new digital tools that enhance the ways they engage with clients.
This is supported by Lao PDR, Thailand, and Malaysia.
Re-exports, meanwhile, saw a jump by 19% in the same month.
SNACK Investment will be available for consumers for as low as $1.
The programme is done in partnership with 10x1000 Tech
The maturity date for these notes will be in 2028.
Assets in this category experienced a jump to $10b in less than three years.
CityDev, SATS, and Mapletree Logistics Trust showed the most growth.
Limiting the entry of foreign workers would not result in more jobs for Singapore, Wong said.
They also agree to explore other collaboration opportunities.
It creates a one-stop ecosystem that connects its users to EV car dealers.
Its passenger capacity remained steady at 32% of pre-COVID levels.
This would increase the opportunities for cross-border investments.
A return to pre-pandemic levels, however, could take two to three years.