Creditors vote in favour of Temasek-backed plan for Pacific International Lines' debt revamp

Singapore

CREDITORS of privately-held firm Pacific International Lines (PIL) have helped the insolvent boxship operator keep liquidation at bay: A significant majority of them on Feb 1 voted in favour of its debt restructuring plan bankrolled by heavyweight investor Temasek Holdings' wholly-owned Heliconia Capital Management.

After the plan is sanctioned by the court, Heliconia will become the majority shareholder in PIL, while the stakes held by the family of executive chairman Teo Siong Seng will be diluted to under 15 per cent.