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PACIFIC LINES
Thursday, 28/05/2020, 07:10 (GMT +7)
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PIL negotiates with Temasek for financial relief
Pacific International Lines (PIL) is in discussion with Helliconia Capital Management - a unit owned by state-owned Temasek Holdings - for an investment to bail out the container line.
Pacific International Lines (PIL) - a Singapore company - has confirmed that they are in discussion with Helliconia Capital Management - a unit owned by state-owned Temasek Holdings - for an investment to bail out the container line.
In a statement to the Singapore Exchange, PIL said it had entered into an exclusive agreement with Helliconia Capital Management for a period of six months from May 26 for a potential investment. PIL said it would give notice if there were any important updates or progress.
PIL said: "In light of the significant challenges facing the container shipping industry, PIL has made significant progress towards rationalising our service offerings and reducing asset costs. However, despite the company’s best efforts, the persistent COVID-19 pandemic has caused the situation to worsen over the last month."
While discussions with Helliconia took place, PIL was seeking to restructure debt, and a portion of these received approval from holders of 97.6% of debt to postpone payment of principal and interest. until December 31, 2020.
PIL continued to negotiate with two lenders who accounted for 2.4% of its debt, including one who made a $ 12.64 million payment request on May 11 for a 10-day payment.
The private owned PIL of the Teo family is the world's 10th largest container shipping line, according to Alphaliner analysis.
The company is headed by SS Teo, well-known and respected among the business community in Singapore, who has previously served in parliament as a nominated member of parliament, as well president of the Singapore Shipping Association and chairman of the Singapore Maritime Foundation.
Phaata (Source: Seatrade Maritime News)
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