Water-treatment specialist Hyflux said yesterday - in an update of its reorganisation process - that it has been notified by the trustee for its $500 million 6 per cent perpetual securities that its failure to pay last month's coupon has resulted in an event of default.
This tranche of perps has a first call date on May 27, 2020. A default has occurred since Hyflux did not pay the coupon, choosing instead to start the debt restructuring process.
Owing to the default, the trustee can institute proceedings for Hyflux to be wound up if it gets the mandate of perp holders to do so.
The trustee has informed Hyflux that it reserves this right and the rights of perp holders in this regard. It also said it has taken note of Hyflux's view that the company has been protected by a 30-day moratorium on creditors' claims since May 22. Hyflux said it will continue to engage with the trustee. Shares in Hyflux remain suspended from trading.
Mainboard-listed China Environment's chief financial officer Chong Guan Choi, 32, has stepped down. His resignation from the troubled industrial waste gas treatment company took effect on June 8. The company said he left to pursue other interests.
Mr Chong's departure - about six months after his appointment as CFO in December last year - follows a series of developments at China Environment. An audit uncovered possible misappropriation of rental income monies at a wholly owned unit of the company. The group has previously said it had ceased business operations in its China subsidiaries.
Shares in China Environment, trading of which has been suspended, last traded at 3.7 cents apiece on June 23, 2016.
Mainboard-listed Oxley Holdings' subsidiaries in Cyprus have merged, the company said yesterday. Oxley Planetvision Properties, the group's 50 per cent owned joint venture company, has absorbed Jemina Properties and Flitous Properties, with Oxley Planetvision as the surviving entity.
Jemina and Flitous were wholly owned subsidiaries of Oxley Planetvision before the merger. All the undertakings, properties, assets and rights of Jemina and Flitous have been transferred to Oxley Planetvision. Jemina and Flitous were dissolved without going into liquidation.