Comment / On the wires: Is PIL drowning or waving? Ask CMA CGM or Cosco in 2021

“The company has determined that it is not commercially feasible for it to make payment(s) (comprising of principal and interest payable) under the S$60,000,000 [U$44.5m] 8.5% Fixed Rate Notes due 2020 (…) issued by the company and due today, 16 November 2020.” – Pacific International Lines, 16 November 2020. 

Here’s a quick update about Singapore’s Pacific International Lines (PIL), which immediately brings memories of takeover talk over the past two years. And, regardless of the deep financial trouble it is in, PIL ...