Pacific International Lines: Outcome of scheme meetings (deal done)

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1 February 2021

UPDATES TO SCHEME: OUTCOME OF SCHEME MEETINGS

The Scheme Meetings were held on 1st February 2021 at PIL Building, 140 Cecil St, Singapore 069540 at 10.00 am for Non-CCP and CCP Secured Claims and Undersecured Claims and at 2.00pm for Unsecured Claims in the manner set out in the PIL Scheme Documentation (including the ES Addendum).

The final tabulation of the votes cast in respect of the Scheme as reported by the Chairman are attached with this announcement.

Accordingly, the Scheme has been approved by the requisite majorities of each class of Scheme Creditors pursuant to Section 210(3) of the Companies Act, and the Company will be making the necessary application to seek the High Court of the Republic of Singapore’s sanction of the Scheme. Subject to the grant of the order of the Court sanctioning the Scheme under Section 210 of the Companies Act, the Scheme shall become effective and binding upon the lodgement of a sealed copy of the order of Court with the Accounting and Corporate Regulatory Authority of Singapore. Notwithstanding this, pursuant to the terms of the Scheme, if the Conditions Precedent are not satisfied or waived, the terms of and the obligations of the parties under or pursuant to the Scheme shall lapse and all the compromises and arrangements provided by the Scheme and any releases granted pursuant to the Scheme shall be of no effect and shall be construed as if it had never become effective, and the rights and obligations of the Scheme Creditors shall not be affected and shall be reinstated and remain in full force and effect.

The Company wishes to thank all parties involved for their support of the Scheme and the Company during the restructuring process and thus far…

The full statement is here.

Now read this: “Creditors back PIL restructuring in crucial vote“.

Our previous coverage of the latest events is here.