Pacific International lines (PIL), benefitting from strengthening freight rates and a rise in demand, has been able make an early repayment of US$1bn to creditors.
The prepayment is targeted to be complete by December 20, 2021, and will be made to creditors who were subject to the scheme of arrangement PIL entered into as part of its restructuring in Q1 2021.
SS Teo, executive chairman of PIL, said: “Over the past eight months, we have experienced the most dramatic turnaround in our financial position.
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