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Temasek unit throws PIL $809m lifeline
But restructuring scheme has to get majority approval from boxship operator's creditors
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To recapitalise its business, Singapore-based Pacific International Lines (PIL) - the world's 10th-largest container shipping line - began talks with Temasek unit Heliconia Capital Management in May on an investment into PIL, then entered into a six-month exclusivity agreement with it.
PHOTO: PACIFIC INTERNATIONAL LINES
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A US$600 million (S$809 million) lifeline has been offered by Temasek unit Heliconia Capital Management to troubled Pacific International Lines (PIL).
This paves the way for a rescue of the world's 10th-largest container shipping line, now facing "tremendous strain on its liquidity" amid the pandemic-induced recession.
