PIL Financial Arrangement Agreement Approved By Court

- Mar 05, 2021-

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Taiping shipping announced on March 3 that it obtained the decree issued by the high court of Singapore on that day, approving its proposed scheme of arrangement. Prior to this, the agreement was approved by a majority of creditors and note holders on February 1 this year.


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According to Taiping shipping, the financial arrangement agreement approved by the court can bind all plan creditors, which is a key step in reshaping its capital structure.

At the same time, the agreement not only makes the overall debt restructuring plan of Taiping shipping more clear and perfect, but also lays a solid foundation for the investor, Heliconia capital management, to invest in it.

Taiping shipping said that as the company's financial situation gradually improves and its development moves towards a sustainable direction, Taiping shipping will set sail again to better seize the opportunities brought about by the recovery of the container transport market. The company's management will actively promote debt restructuring and make every effort to develop the company's business.

It is understood that the financial arrangement agreement is an important part of the comprehensive financial restructuring plan of Taiping shipping. After the agreement is approved by the court, it will promote the further implementation of the financial restructuring plan, which is expected to be completed in the first half of this year.

Taiping shipping is one of the largest container carriers in Southeast Asia. Its core business includes Asia, Africa, South America and the Middle East. Its service network covers more than 500 locations in 90 countries and regions around the world.

As for the development direction after the reorganization, Taiping shipping has revealed that it will maintain and strengthen its position in the transport market of Southeast Asia, and strategically develop the North-South routes with growth potential and the East-West non trunk markets.

Meanwhile, one belt, one road initiative will be used to enhance the coverage capacity of the maritime and land businesses. Through the existing inland logistics network, we will continue to strengthen our leading position and competitive advantage in the African market. It will continue to optimize costs, simplify business and improve profitability.

According to the unaudited performance data released by Taiping shipping, in the first half of 2020, the company realized an operating revenue of US $1026 million, a net loss of US $120 million and an EBITDA of US $102 million.

As for the investment details of hailikai Capital Management Co., Ltd., Taiping shipping will make further announcement in due time.

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