Hyflux saga: Judge's bid for escrow funds to pay retail investors' advisers finds no takers

Singapore

THE Court on Tuesday attempted to find a back-stop measure for the advisers of some 34,000 retail investors in Hyflux's debt, by getting creditors to chip in towards an escrow amount that would help to pay the fees for the advisers of the preference shares and perpetual securities (PnP) holders and medium-term note (MTN) holders in the event of a liquidation.

This is because these advisers would be unable to look to Sias or the individual PnP holders for their fees should the Utico deal fall through.