Temasek unit in rescue talks with PIL shipping line

A CONSORTIUM of investors led by Heliconia Capital Management, the investment firm owned by Temasek Holdings, may soon come to the rescue of struggling Singapore boxship operator Pacific International Lines (PIL).

PIL, which is struggling to stay current on its charter payments and has been divesting assets to shore up cash, confirmed on Tuesday that is in exclusive talks with Heliconia for a potential investment.

Negotiations are in a preliminary stage, so the parties have yet to decide on how much cash to inject into PIL, and whether the funds will be raised by the issuance of equity, debt, convertible bonds, or a mix.