restructuring

Backed into a corner, Hyflux remains uncertain over plans to extend debt moratorium
SINGAPORE (April 11): Hyflux remains undecided over the possibility of seeking an extended debt moratorium ahead of the April 30 deadline, according to the troubled water and power company’s representing attorney. Speaking on behalf of Hyflux at a case management conference today, WongPartnership lawyer Manoj Sandrasegara reportedly said he had “no instruction at this stage” to apply for ...
Hyflux restructuring plans rocked by PUB notice to Tuaspring; ESR-REIT files proofs of claims
SINGAPORE (Mar 6): Hyflux, the water treatment firm which is undergoing debt restructuring, has received a notice from Singapore’s Public Utilities Board “asserting certain defaults by Tuaspring” under its 2011 water purchase agreement (WPA) with the Hyflux subsidiary. Terms of the WPA provide a default cure period of 30 days from March 6, 2019, for Tuaspring to PUB on the steps ...
Noble Group restructuring gets green light in Bermuda court
(Dec 14): Embattled commodity trader Noble Group is on track to complete its mammoth restructuring deal after a Bermuda court approved an officer to carry out the plan, using a local kind of insolvency process. See: Noble says to take 'alternative' restructuring process without transfer of listing to New Noble In a brief court hearing on Friday, the judge called the company insolvent and ...
Noble queries said to focus on mark-to-market gains
(Nov 27): Singaporean regulators investigating Noble Group have focused their questions so far on the company’s use of mark-to-market accounting, according to people familiar with the matter. The struggling commodity trader was thrown into fresh crisis last week after Singapore announced a three-agency probe into Noble’s accounts just days before a marathon US$3.5 billion ($4.8 billion) ...
Noble extends restructuring deadline following probe
(Nov 26): Noble Group extended the deadline for its marathon restructuring until Dec 11 to address regulators’ concerns, a week after Singaporean authorities began an investigation into the embattled commodity trader’s finances. The company on Sunday moved the deadline for the US$3.5 billion ($4.8 billion) debt restructuring back by two weeks. Noble said that Singapore’s Securities ...
Noble maintains restructuring is of stakeholders' best interests, to proceed as planned amid investigations
SINGAPORE (Nov 21): Noble Group says it intends to continue pressing ahead with its debt restructuring as planned, with the best interests of its stakeholders in mind. Noble gets go-ahead for controversial restructuring plan, pays funds into court in ongoing legal suit The commodities trader’s announcement comes despite Tuesday’s news of the group and its subsidiary, Noble Resources, ...
StarHub to lay off 300 employees as telco commences strategic review
SINGAPORE (Oct 3): StarHub is embarking on a strategic transformation review that will include laying off an estimated 300 of its full-time staff, primarily those in non-customer facing functions, with those affected to be notified by the end of this month. In an aftermarket press statement issued on Wednesday, the telco attributes the decision to “ongoing natural attrition and tighter ...
Nam Cheong says worst is now over with expected O&M recovery and restructuring initiatives
SINGAPORE (Sept 11): Malaysia-based offshore support vessel (OSV) builder Nam Cheong expects to implement its sanctioned schemes of arrangement by this year, which would signal the “crossing of a key obstacle” in its ongoing restructuring exercise to strengthen its financial position as well as enable the group to operate as a going concern. The group is also anticipating the gradual ...
Hyflux granted deadline extensions for filing of 2Q and 3Q results
SINGAPORE (Jul 9): Hyflux has been granted a six-month and three-month extension of deadlines to file its 2Q18 and 3Q18 unaudited financial statements, originally due Aug 14 and Nov 14 this year, respectively. The troubled water treatment firm had written to the Singapore Exchange to request for the extensions on June 28, which were approved last Friday. In a filing on Sunday, Hyflux says ...
Noble Group plunges to record low as rescue deal is elusive
SINGAPORE (June 14): Shares of Noble Group, the commodity trader battling for survival, slumped to a record low as efforts to get shareholder agreement on a controversial US$3.5 billion ($4.7 billion) debt restructuring deal take longer than expected. The stock traded at 5.2 cents on Thursday, for a loss of 74% this year, after touching an all-time intraday low of 5 cents a day earlier. Once ...