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Creditors to struggling Singapore container line Pacific International Lines (PIL) today overwhelmingly approved a restructuring deal that involves a capital injection from a unit of Temasek Holdings, sparing the SS Teo-led line from being liquidated.
PIL has been seeking the backing of bondholders and creditors to green light its proposed $600m bailout from Heliconia Capital Management, a unit of Singapore’s sovereign wealth fund, Temasek Holdings for a number of months warning it would face liquidation if it lost today’s vote.
PIL’s financial woes have seen the company sell off a long swathe of assets in the last couple of years. The company’s liner fleet has reduced in size from around 400,000 slots at the start of 2020 to stand at 278,896 slots today, according to data from Alphaliner.
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