Read? Saving, Lending and Investing (6)
SINGAPORE - The High Court has approved an application by embattled water treatment firm Hyflux and three of its subsidiaries for leave to convene a scheme meeting with all its creditors over its proposed restructuring.
It can now proceed with a scheme meeting on April 5 with unsecured creditors including noteholders and 29 banks, which make up one creditor class, as well as perpetual securities and preference shareholders, who make up another creditor class.
Under the reorganisation plan, filed with the High Court last week, some 34,000 registered holders of Hyflux perpetual securities and preference shares, which are owed $900 million, will receive a total of $27 million in cash and a 10.26 per cent share of the reorganised company.
CW8888:
This Hyflux has re-enforced Uncle8888' own belief in lending and investing.
As retail, we have control over lending and investing;...
