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Bond Market News
Hyflux & KrisEnergy File for Liquidation/Winding-Up
June 7, 2021
Hyflux has filed an application to wind-up its business after failing to reach a deal with an investor. Judicial managers said that restructuring was not possible and the salvage value of Hyflux is “best realised in a liquidation”. Hyflux was placed under judicial management in November 2020 with three offers on the table from Strategic Growth Investments (SGI), Utico and Pison. Within the following two months they were in talks with 17 investors. Despite the push for liquidation, UAE’s Utico is still keen to acquire Hyflux saying it will offer 5 five cents on the dollar to unsecured senior creditors and 4 cents on the dollar to retail investors holding S$900mn ($679.3mn) of preference shares and perpetuals.
Hyflux’s SGD 6% Perps are at extremely distressed levels of 5.4 cents on the dollar
Another distressed SIngapore-based corporate KrisEnergy also filed to wind-up after an informal meeting with stakeholders on May 27 where it was doubtful it could continue as a going concern. KrisEnergy said its liabilities exceed its assets, and there was no acceptable restructuring option nor near-term infusion of fresh funds. Its debt includes S$469.5mn ($354.4mn) of bonds, S$139.5mn ($105.3mn) of zero coupon bonds and a $200mn in revolving credit facility from DBS guaranteed by Keppel, which has a 40% stake in the company.
KrisEnergy’s SGD 4% 2023s are also at distressed levels of 17.5 cents of the dollar.
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