PACIFIC International Lines’ plan to restructure its debt was approved by the requisite majority of shareholders, which, it says, demonstrates broad commitment across all creditor classes.
The company said the next step is a hearing at the High Court of Singapore to approve the scheme, with the debt restructure exercise expected to be complete by the first half of this year.
PIL executive chairman S. S. Teo said he was heartened by the results of the votes.
“This is indeed a strong testament to creditors’ confidence in PIL’s business and future prospects. We wish to thank our investor, our creditors and our advisors for their steadfast support and belief in PIL, and all our customers and vendors for their patience during this challenging time while we are working on normalising our financial situation,” he said.
“The comprehensive financing package offered by our Investor, in conjunction with a holistic restructuring of PIL’s financial liabilities, will recalibrate PIL’s capital structure for long-term sustainability, thereby allowing PIL to emerge as a stronger, leaner and better capitalised company, and one that will provide creditors with a clear path to recovery going forward.”