Hyflux’s unsecured creditors to receive interim dividend around Dec 21

THE liquidators for beleagured water-treatment company Hyflux will be declaring an interim dividend of 1.568 per cent to unsecured creditors of the company on or around Thursday (Dec 8).

The dividend rate based on the total nominal value of the notes is expected to be S$0.01734 per note, and will be paid on or around Dec 21, the company’s appointed judicial managers from Kroll said in a bourse filing on Monday.

The trustee’ fees and expenses will be paid in full, and the remaining dividend will be distributed, pari passu (on equal footing, without preference) to all noteholders, the liquidators said.

The liquidators had said last month that unsecured creditors, including medium-term noteholders, are likely to receive a “small dividend” following the sale of assets. The liquidators said they have received total proof of debt amounting to around S$1.5 billion, but the realisations from the asset sales are unlikely to exceed S$100 million.

The dividend will be credited directly into designated bank accounts for holders who held their notes with the Central Depository. For those who held their notes with depository agents, the dividend will be paid to beneficial owners by the respective depository agent or Central Provident Fund agent bank.