Hyflux warns perp, pref holders they will lose everything in liquidation

WATER cleaning firm Hyflux faced its grey-haired creditors on Friday for the second time since it filed for bankruptcy protection, in a bid to rally support to carry through what has proven to be a tough rescue deal.

No definitive answers were given when investors asked repeatedly how much of their money they could expect to recover. Only one new figure was shared by EY, the financial adviser.

In a liquidation scenario, only senior unsecured creditors, namely banks and note holders, will get paid. They can expect a recovery rate of 3.8 to 8.7 per cent.