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Temasek unit Heliconia throws $810m lifeline to troubled Pacific International Lines
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Pacific International Lines plans to implement the restructuring via a scheme of arrangement.
PHOTO: PIL
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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.
