Temasek unit Heliconia throws $810m lifeline to troubled Pacific International Lines

Pacific International Lines plans to implement the restructuring via a scheme of arrangement. PHOTO: PIL
New: Gift this subscriber-only story to your friends and family

SINGAPORE - A US$600 million (S$810 million) lifeline has been offered by Temasek unit Heliconia Capital Management to troubled Pacific International Lines (PIL), paving 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.

Negotiations with Heliconia and PIL's lenders have been completed, and the Singapore-based boxship operator plans to implement the restructuring via a scheme of arrangement. But the deal hinges on majority approval from creditors that are owed US$3.5 billion, sources told The Straits Times.

Please or to continue reading the full article.

Get unlimited access to all stories at $0.99/month

  • Latest headlines and exclusive stories
  • In-depth analyses and award-winning multimedia content
  • Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months*

*Terms and conditions apply.

Join ST's Telegram channel here and get the latest breaking news delivered to you.