Pacific International Lines agrees debt deal

Pacific International Lines Pte (PIL) has agreed with the majority of its financial lenders to defer its debt payments and has entered into discussions with Heliconia Capital Management, a subsidiary of Singapore’s state investment company Temasek.

The company has obtained a deferral of principal and interest payments and a formal standstill on enforcement actions from 15 of its financial lenders until December 31, 2020 for approximately 97.6% of its total debt.

For the remaining 2.4% of total debt, PIL continues to be in discussions with the two remaining financial lenders.