Singapore Court Approves PIL Restructuring

- Mar 04, 2021-

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Singapore's international high court approved PIL's debt restructuring plan on March 3, after bondholders of PIL voted on February 1 to accept the company's proposal to convert its bonds into perpetual securities.

Debt restructuring, which is a planned arrangement, requires the bonds to be converted into permanent securities, but cash payments will accumulate for at least five years before being released to bondholders.

After the approval of the court, commonweal will continue to submit copies of the court order to the accounting and corporate regulators in Singapore. The debt restructuring will take effect on the date of the order.

PIL has been struggling in recent years, eventually turning to Heliconia capital, a unit of Temasek Holdings, the Singapore government investment company.

PIL's management said: "this is a key step in successfully adjusting PIL's capital structure. In particular, it provides a clear path for investors, Heliconia capital management, to invest in pil as described in the plan. With a strengthened and sustainable financial position, the revitalized Taiping shipping will be in a position to capture the opportunities offered and improve market conditions. "

In July 2020, Heliconia approved PIL to provide us $112 million in emergency facilities, which will be repaid this month. Heliconia has agreed to a second financing of $600 million, including debt and equity investments.

As the restructuring progresses, Heliconia will provide another $200 million revolving credit facility, which PIL can withdraw. The company needs to replenish the loan in the next few years.

Throughout 2020, TPL divested its assets, including its subsidiary Pacific direct line, and terminated its Pacific trades business in early 2020. 21 ships will be sold in 2020.

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