Restructuring of a Singapore-listed water treatment company - one of the most successful homegrown enterprises - that had filed for a moratorium to restructure SGD2b in unsecured claims, perps and preferential shareholders.

Jurisdictions involved in this assignment


The business and background

Water treatment firm Hyflux Limited was founded by Ms Olivia Lum who is one of the most successful entrepreneurs in Singapore. Hyflux built TuaSpring, the first water plant in Asia to be integrated with power generation capabilities.

TuasOne was another mega project that converted waste to energy. In 2018, Hyflux filed for a moratorium under a court-supervised debt restructuring.

Through the Securities Investors Association of Singapore (SIAS), we were appointed to act as financial advisers to the Independent Steering Committee (ISC) of the Medium Term Noteholders (MTN) who were mostly retail holders. While the debt size of the MTNs were relatively small, compared to the unsecured creditors who were mainly financial institutions, the MTNs were instrumental in a successful restructuring, as the group represented a large bloc of votes in numbers.

What we did

Hyflux was eventually placed into judicial management and subsequently liquidation as no suitable investor could be found by either the company, or the judicial manager to acquire the business.

The outcome

The engagement has concluded and resulted in a successful restructuring.