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Restructuring PIL decides to default on SGD60m notes

Photo: Rahita Elias pil_1.jpg
Pacific International Lines (PIL) has announced to the Singapore Exchange (SGX) that it will not make payment on the SGD60m ($44.6m) notes that was due Monday.

The Singapore-headquartered shipping firm said it is “not commercially feasible” for it to make payment under the SGD60m 8.5% fixed rate notes due on 16 November 2020.

Last week, PIL announced that it is looking to start a scheme of arrangement process to be proposed to its creditors, after having formulated a comprehensive restructuring plan. The creditors which PIL seeks to include in the proposed scheme include SGD60m noteholders.

The company has also filed an application to the Singapore High Court to seek a moratorium protection against winding up proceedings.

“The company will make further announcements when there are material updates as may be necessary or appropriate, in order to keep the holders of the notes updated in relation to the overall restructuring process on a timely basis,” PIL stated.

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