INCREASING container rates has put Singapore container operator Pacific International Lines (PIL) back into profitability, allowing the operator to repay creditors who agreed to an earlier debt-workout plan, reports Fort Lauderdale's Maritime Executive.
PIL underwent a financial restructuring in early 2021, involving a US$600 million lifeline from state-owned investment company Heliconia Capital.
Bondholders of PIL's Option B securities took a 50 per cent voluntary haircut, but will now be made whole with a full repayment.
'Over the past eight months, we have experienced the most dramatic turnaround in our financial position. In addition to the market recovery, our strong business fundamentals, ongoing restructuring initiatives and the hard work of our employees have improved our overall position,' said PIL executive chairman SS Teo.
'With our healthy cash flow situation, we decided that it was only right that we reciprocate the support shown to us by our creditors and partners, and repay the debts owed to all our Scheme creditors, ahead of schedule.' said Mr Teo.
SeaNews Turkey
PIL underwent a financial restructuring in early 2021, involving a US$600 million lifeline from state-owned investment company Heliconia Capital.
Bondholders of PIL's Option B securities took a 50 per cent voluntary haircut, but will now be made whole with a full repayment.
'Over the past eight months, we have experienced the most dramatic turnaround in our financial position. In addition to the market recovery, our strong business fundamentals, ongoing restructuring initiatives and the hard work of our employees have improved our overall position,' said PIL executive chairman SS Teo.
'With our healthy cash flow situation, we decided that it was only right that we reciprocate the support shown to us by our creditors and partners, and repay the debts owed to all our Scheme creditors, ahead of schedule.' said Mr Teo.
SeaNews Turkey