SINGAPORE (Apr 1): On March 30, upset Hyflux preference share and perpetual security (PnP) holders will be holding a demonstration at Hong Lim Park to vent their anger and frustration at the company. But getting their money back is a long shot. The PnP holders — in the event that the restructuring plan is successful — will receive only 10 cents to the dollar, of which just three cents is in cash. The restructuring plan is to be voted on by the PnP and unsecured noteholders on April 5, under a scheme of arrangement.

Now, with new information obtained this week, even 10 cents to the dollar looks optimistic.

On March 28, SM Investments — the white knight that announced a cash infusion of $560 million last October subject to conditions — announced that conditions had changed. “SMI recently became aware of new material information on the Hyflux group that significantly increases the working capital requirements of the group,” SMI said.

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