Miclyn files for Singapore bankruptcy protection

On 5 November 2018, Miclyn Express Offshore (MEO) filed for bankruptcy protection with the Singapore High Court. The company is a Singapore-headquartered provider of support vessels and project transportation solutions to the offshore oil and gas industry, and was bought by Champ Private Equity firm in October 2012, as Champ's website notes. In 2014, MEO was … Continue reading Miclyn files for Singapore bankruptcy protection

Hyflux update: white knight

Hyflux has now announced that a Malaysian company,  SM INVESTMENTS PTE. LTD, a company of the consortium comprising the Salim Group and the Medco Group, will provide an investment described as follows: the Investor will invest a total of S$530 million by subscribing for ordinary shares in Hyflux which after the reorganisation, will constitute 60% … Continue reading Hyflux update: white knight

Distressed capital arbitrage: Hyflux (Part 1)

Hyflux Ltd: a Singaporean champion in distress Singapore recently amended its insolvency laws as part of a broader competitive move to attract capital, with the US model of Chapter 11 as inspiration. Hyflux Ltd, ostensibly a waste water and desalination business but in reality an infrastructure investment company with a construction business attached, has recently … Continue reading Distressed capital arbitrage: Hyflux (Part 1)