SS Teo-led Pacific International Lines (PIL) has detailed how it intends to restructure and carry on business, urging noteholders to avoid pushing for a liquidation of the under pressure liner company.
PIL has already received $112m to tide it over from Heliconia Capital Management, a unit of Singapores sovereign wealth fund, Temasek Holdings. In a presentation to creditors and bondholders, PIL revealed Heliconia will shortly come in with another $600m as part of what was described as a comprehensive financing package.
In absence of a comprehensive restructuring, PIL will likely face liquidation
PILs capital structure requires a holistic restructuring solution, the company conceded, saying the second tranche of financ…
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