"But if the debt markets suddenly dry up, and/or interest rate spikes up, their situation would be untenable."
Not quite the issue or Hyflux isn't it. We all know it was debt laden. I wouldn't have touched it and i never did. The exact reason wasn't as postulated back then.
And, it's not exactly 10c on a dollar. Its 3% cash 7% equity, for those who haven't followed up on the case.
Then again it doesnt matter