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.
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