Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

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.

 

Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish