Pacific International Lines is unable to make good on the principal and interest due to holders of an SG$60 million (US$43.8 million) bond issue that matured on 16 November 2020.
The cash-strapped Singaporean liner operator said in filing to the Singapore Exchange that it is not commercially feasible to pay out the principal and interest, which is 8.5% per annum. The bonds were issued in November 2018.
The suspension of the payouts had been conveyed to the bond holders at an informal meeting held...