HYFLUX is making a tweak to its restructuring scheme that will allow retail perpetual and preference shareholders to ride more upside in the recapitalised water treatment firm.
In comparison, Hyflux's senior unsecured creditors, namely medium-term noteholders, unsecured banks and contingent claimants, are promised a minimum recovery rate of 24.5 per cent under the same scheme. "Having carefully considered both your letter and their response, we propose making amendments to the Hyflux scheme which will provide for the to share... the upside from contingent liabilities extinguishing or expiring," Hyflux said.
The difference now is that the management payout will be reduced from 20 per cent to 10 per cent of the cash allocated to any contingent claims that are extinguished. Hyflux confirmed that no member of the present board or senior management will receive any part of the contingent claim management payouts.
One of the reputed Singapore brand of yesteryears, sad to see its collapse. I heard lot of inspiring stories from mid-east of its achievements, better management would have been a different scenario.
Health Health Latest News, Health Health Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »