Rare Singapore Protest Flags Investor Anger in Hyflux Slump
- Key deadlines loom as dispute with company’s suitor deepens
- Junior creditors could lose about 90% under restructuring plan
People gather during a protest on Hyflux’s debt restructuring plan.
Photographer: Bryan van der Beek/BloombergThis article is for subscribers only.
A rare public protest in Singapore on Saturday underscored mounting anger among investors set to suffer sharp losses in one of the country’s highest-profile corporate debt restructurings.
The catastrophic slump of the once-vaunted water and power company, Hyflux Ltd., has stunned debtholders, who stand to lose about 90 percent. About 400 to 500 of those individual investors attended the protest in a downtown park on Saturday, some carrying placards and posters. Singapore allowed the protest at the Speakers’ Corner area in Hong Lim Park.