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.