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Hyflux Ltd in Financial Distress
內容大綱
In May 2018, Singapore's publicly-listed Hyflux Ltd, which was once the world's fifth largest desalination plant supplier, filed for court-supervised reorganisation of its liabilities and businesses. The company's total liabilities had escalated to S$3.4 billion (Including contingent liabilities); while its readily available cash balance was S$18.9 million and its market capitalisation was S$165 million. The court granted the company a debt moratorium, which was extended several times as Hyflux explored options of capital injection from strategic investors, asset sales and rescue financing. The revelation that the once-star company was under water and drowning in debt shocked the stakeholders. How and why did this reversal of fortune happen? Were there any red flags leading to this fallout? How would the financial restructuring affect the stakeholders? Finally, what lessons in financial management could be drawn for the company, creditors, banks and investors?