Pacific International Lines (PIL) boss Teo Siong Seng has admitted on 23 March 2020 that the company is in talks with several creditors, including itself, to settle arrears, amid challenging conditions caused by Covid-19.
Teo made the revelation through his other company, Singamas Container Holdings, via a filing to the Hong Kong Stock Exchange.
Singamas, a container manufacturer and depot operator itself is owed over US$147 million from the financially pressured PIL, a Singapore-based liner...