Singapore-headquartered PIL completed its restructuring on 30 March in a rescue package from Temasek Holdings unit Heliconia Capital Management.
The restructuring included a $200m investment by Heliconia by way of convertible preference shares and a $200m term loan facility and $200m revolving credit facility by Heliconia.
“The completion and successful implementation of our restructuring is a chance for renewal in PIL, and the company is now well-positioned for sustainable growth. Going forward, we will continue to improve our business operations, deleverage the balance sheet and reinvent ourselves as we adapt to the ever-changing market,” said SS Teo, Executive Chairman of PIL.
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