News / Struggling PIL wants Singapore court to provide time for financial restructuring

Photo: PIL

Singapore-based container carrier Pacific International Lines (PIL) has filed an application with a Singapore court for protection from winding-up or enforcement orders while it begins financial restructuring talks with creditors.

It said it had developed a restructuring plan with lenders and investor Heliconia Capital Management, part of Singapore’s sovereign wealth fund. The court order would impose a moratorium for four months during negotiations.

“The restructuring plan contemplates the provision of fresh financing by the investor (or entities managed and controlled by it) ...