Time for Hyflux's PnP holders to move on as firm enters judicial management

FROM the get-go, the restructuring of Hyflux had placed special attention on the 34,000 perpetual and preference share (PnP) holders.

Every effort was made by the Securities Investors Association (Singapore) (Sias) to stave off a judicial management (JM) or liquidation scenario, in hopes of a rescue deal.

The PnP holders might have been worried for the fate of Hyflux's existing projects and offtake agreements, in the event of a JM or liquidation. And they might have assumed that they would get nothing if a strategic investor was not allowed to swoop in and swallow the company whole.