Press Statement: SIAS will not support exclusion P&P nor judicial management

Date: August 7, 2019

SIAS notes from the 11th Affidavit of Ms Olivia Lum that there was a plan to affect the interests of the P&Ps when Borrelli Walsh the advisors of the unsecured working group banks (“UWG” ) comprising Mizuho Bank, KfW IPEX Bank, Bangkok Bank, BNP Paribas, CTBC, Korea Development Bank, and Korea Development Bank Singapore Branch made an offer to sell Hyflux to Utico through a judicial manager at 50% of the $400m offered. That offer effectively ensures the P&Ps get nothing from the sale while the senior unsecured creditors get far less than what Utico is prepared to offer. This move by Borrelli Walsh is unacceptable and they should cease from exploring side-deals with potential investors which severely affects the interests of the P&Ps and the senior unsecured creditors .

SIAS will not support any suggestion that the P&P be excluded from the deal and strongly discourages any move to place Hyflux under judicial management to sell Hyflux to Utico or any other investor at a substantially lower deal value. This would not be in the interests of either the P&P holders, the MTN holders or the Senior Unsecured Creditors including the UWG.


David Gerald
Founder, President & CEO
Securities Investors Association (Singapore)