Hyflux Bond Investors Lose Hope of Recovering Any Money
- Hyflux’s legal adviser plans to walk away in surprise twist
- Debt recoveries for Singapore dollar bonds ‘fairly poor’: OCBC
Photographer: Brent Lewin/Bloomberg
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Some of the mom and pop investors desperate to recover money from Singapore’s embattled water treatment firm Hyflux Ltd. are losing confidence they’ll get much of anything back as the wait drags on.
In the latest twist to the city-state’s most high-profile debt restructuring, Hyflux’s legal adviser this week expressed its intent to resign from the case due to “loss of confidence,” while the company said in turn that it has lost trust in its adviser and has since appointed new ones. That adds to uncertainties facing the about 34,000 retail investors in the company who have been waiting for resolution since it stumbled in 2018.