SINGAPORE: Hyflux on Friday (Mar 8) said it would be making amendments to the terms of its restructuring plan to “balance the competing legal and ...
In its reply to SIAS president David Gerald, Hyflux said that it is proposing amendments to the scheme of arrangement to allow the junior creditor group to"share ... the upside from contingent liabilities extinguishing or expiring".The amendments include reducing the management payouts of the first contingent claim and the second contingent claim to 10 per cent, from 20 per cent.
Perpetual securities and preference shareholders, referred to as debt securities scheme parties in Friday's reply, will also receive a “pro rata share” of the second unsecured claim cash payout.“This means that when contingent claims under the scheme extinguish over the next two years, 90 per cent, up from 80 per cent, of the cash allocated to those extinguished contingent claims will be distributed among both the debt securities scheme parties and the unsecured scheme parties.
READ: Hyflux lays out restructuring plan to revitalise business, but retail investors lament big losses “All of these amounts will only be distributed to the project staff responsible for the extinguishment of the contingent claims.”
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