HYFLUX'S restructuring, which may include a combination of haircuts, debt maturity extension, or interest rates adjustments, could lead to financial losses for creditors, Moody's Investors Service said in a research report released on Friday.
On May 22, the water project developer had applied for court protection to facilitate the restructuring of its S$1.5 billion debt. The company also announced that it plans to skip the upcoming coupon interest payment on its S$500 million perpetual securities.
Analysts from Moody's noted that Hyflux's creditors include about 30 financial institutions, most of which are Singapore branches and subsidiaries of foreign banks; and that these institutions, along with other investors could suffer loses on their Hyflux exposures.
"The company has a large amount of secured debt, which heightens the risk to its unsecured creditors," Moody's said.
发表于 12-4-2018 01:29 PM
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