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PIL restructuring completed

The restructuring of Pacific International Lines (PIL), the world’s 12th largest liner company, has been completed with a unit of Singapore’s sovereign wealth fund coming in with $600m to save the SS Teo-led carrier.

Heliconia Capital Management, part of Temasek Holdings, has bailed out Singapore’s largest liner company with funding coming in the form of loans, a revolving credit facility and an investment by way of convertible preference shares.

Commented Teo, PIL’s executive chairman, “The completion and successful implementation of our restructuring is a chance for renewal in PIL, and the company is now well-positioned for sustainable growth. Going forward, we will continue to improve our business operations, deleverage the balance sheet and reinvent ourselves as we adapt to the ever-changing market.”

PIL, incorporated in 1967, is the largest carrier in Southeast Asia with a fleet of around 100 container and multipurpose vessels. Over the past two years it has been forced to sell a swathe of assets to stay afloat.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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