Collectors to struggling Singapore container line Pacific Worldwide Strains (PIL) at present overwhelmingly authorized a restructuring deal that entails a capital injection from a unit of Temasek Holdings, sparing the SS Teo-led line from being liquidated.
PIL has been looking for the backing of bondholders and collectors to inexperienced mild its proposed $600m bailout from Heliconia Capital Administration, a unit of Singapore’s sovereign wealth fund, Temasek Holdings for various months warning it might face liquidation if it misplaced at present’s vote.
PIL’s monetary woes have seen the corporate unload an extended swathe of belongings within the final couple of years. The corporate’s liner fleet has shriveled from round 400,000 slots at first of 2020 to face at 278,896 slots at present, in line with information from Alphaliner.