By David Ramli and Ameya Karve (Bloomberg) — Creditors to struggling Singapore shipper Pacific International Lines Pte will vote Monday on a restructuring deal that involves a capital injection from a…
Temasek
‘Back us or lose us’ – PIL’s final desperate plea to creditors
Pacific International Lines (PIL) has issued a stark final plea to its creditors to vote in favour of its “last resort” restructure plan on 1 February or risk receiving just $2 per $100 from its liquidation.
The embattled Singapore-headquartered ocean carrier, founded in 1967, presented its final restructuring package to creditors including bunker suppliers and shipowners on 11 November.
PIL reminded creditors that the package involves a $600m cash injection from Heliconia, a …
The post ‘Back us...
https://theloadstar.com/back-us-or-lose-us-pils-final-desperate-plea-to-creditors/
Bulker sale refocuses PIL on container shipping
Pacific International Lines, the beleaguered Singaporean liner operator, has sold another bulk carrier, as it increasingly concentrates on its core container business.
VesselsValue reported PIL had sold the 2013-built 56,600dwt bulk carrier, Glovis Madrid, for US$9.7m, three months after selling the 2012-built 56,700dwt bulker, Glovis Maestro, for US$9.2m, both to unidentified Chinese buyers.
The sales leave PIL with ownership of three similar sized 2013-built bulk carriers, and observers believe...
https://container-news.com/bulker-sale-refocuses-pil-on-container-shipping/
On the wires: Is PIL drowning or waving? Ask CMA CGM or Cosco in 2021
“The company has determined that it is not commercially feasible for it to make payment(s) (comprising of principal and interest payable) under the S$60,000,000 [U$44.5m] 8.5% Fixed Rate Notes due 2020 (…) issued by the company and due today, 16 November 2020.” – Pacific International Lines, 16 November 2020.
Here’s a quick update about Singapore’s Pacific International Lines (PIL), which immediately brings memories of takeover talk over the past two years. And, …
The post On the wires: Is PIL...
https://theloadstar.com/on-the-wires-is-pil-drowning-or-waving-ask-cma-cgm-or-cosco-in-2021/
Struggling PIL wants Singapore court to provide time for financial restructuring
Singapore-based container carrier Pacific International Lines (PIL) has filed an application with a Singapore court for protection from winding-up or enforcement orders while it begins financial restructuring talks with creditors.
It said it had developed a restructuring plan with lenders and investor Heliconia Capital Management, part of Singapore’s sovereign wealth fund. The court order would impose a moratorium for four months during negotiations.
“The restructuring plan contemplates the...
PIL sells two more ships
Pacific International Lines has sold another two ships as the troubled Singaporean liner operator works on bolstering its balance sheet.
South Korean feeder operator Taiyoung Shipping has purchased PIL’s feeder vessel, the 2004-built 756TEU Kota Tabah, renaming the vessel TY Incheon. While the sale price was undisclosed, VesselsValue assessed the ship to have a market value of US$2.45 million.
The other ship sold was the 2003-built 2,607TEU Kota Gunawan, to Middle Eastern interests for US$4.6...
M&A radar: Waiting for a PIL deal, Santa comes early for CMA CGM, Hapag & Zim
It’s not an epic fantasy trilogy but reality now, as two carriers’ celebrations that started last week enlarged to include a new cheerful member, Israel’s Zim, switching to full binge mode in the past 48 hours.
Now read this (emphasis in bold added):
“CMA CGM is taking advantage of strong shipping markets to sell €525m of new bonds to replace existing bond debt which falls due on 15 January next year. The new …
The post M&A radar: Waiting for a PIL deal, Santa comes early for CMA CGM, Hapag & Zim
https://theloadstar.com/ma-radar-waiting-for-a-pil-deal-santa-comes-early-for-cma-cgm-hapag-zim/
PIL continues restructuring with ship sale to TS Lines
Pacific International Lines (PIL), the cash-strapped Singaporean liner operator, has sold yet another ship and it has been snapped up by Taiwanese intra-Asia carrier TS Lines, which has been expanding its owned fleet.
The 2006-built 4,253TEU Kota Lagu was sold for an undisclosed price, but VesselsValue indicates that the ship has a current market value of around US$8 million.
TS Lines has been expanding its fleet with second-hand purchases and newbuilding orders as the company wants to reduce its...
https://container-news.com/pil-continues-restructuring-with-ship-sale-to-ts-lines/
PIL extends Heliconia talks and offloads more ships
Pacific International Lines (PIL) has informed the Singapore Exchange that it is again delaying filing its annual return, with the names of the latest shareholders and paid-up capital figures, which was to be submitted by 29 September 2020.
The Singapore company is still in bailout discussions with Heliconia Capital, a unit of the Singapore government’s investment company Temasek Holdings. PIL MD Teo Siong Seng, said the company hopes to finalise talks by 26 November.
PIL also sought to push back...
https://container-news.com/pil-extends-heliconia-talks-and-offloads-more-ships/
PIL sells more ships as debt restructuring progresses
Pacific International Lines has sold three more elderly container ships, as the beleaguered Singaporean liner operator continues to reprofile its debt and rationalise its services.
VesselsValue stated on 14 September 2020 that PIL had sold the 2001-built 1,728TEU Kota Jasa, the 2002-built 2,607TEU Kota Ganteng, the 2005-built 4,253TEU Kota Laju.
The sale prices were not disclosed, although the market values of the Kota Jasa, Kota Ganteng and Kota Laju are US$2.85 million, US$4.13 million and...
https://container-news.com/pil-sells-more-ships-as-debt-restructuring-progresses/