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PIL completes $600m restructuring

Photo: Rahita Elias pil.jpg
Pacific International Lines (PIL) has completed its restructuring with a $600m investment into the Singapore container line which hit severe financial troubles early last year.

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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