PIL moratorium extension hearing on March 29

DEBT-laden carrier Pacific International Lines (PIL) will have its moratorium extension application heard in the High Court at 2.30 pm on March 29.

Opposers to the application have to file an affidavit by 4pm on March 22, said the privately-held boxship operator in a regulatory filing on Tuesday.

PIL had applied to the High Court on Monday for an extension of the existing moratorium - which expires on April 4 - to the earlier of the occurrence of the restructuring effective date and the long-stop date June 30 under the scheme of arrangement.

The company and investor Heliconia Capital Management are working to satisfy the conditions precedent in relation to the completion of the investment, under which Heliconia Capital Management is to put in US$600 million in a mix of debt and equity, with the temporary credit of US$112 million earlier given to be repaid.

PIL's debts, including loans, lease liabilities, bill payables and notes, surpass US$3.3 billion, and its 8.5 per cent notes were listed on Singapore Exchange.

Heliconia Capital Management is wholly owned by Temasek Holdings.