PIL Receives Support from a Significant Majority of Creditors for Debt Restructuring Plan
Positions PIL for Recovery and Sustainable Long-Term Growth
Singapore, 1st February 2021 – Pacific International Lines (“PIL”) is pleased to announce that it has garnered support from a significant majority of its creditors and noteholders for its debt restructuring plan.
In the Company’s Scheme Meeting held today (1st February 2020), the plan proposed as part of the Company’s Scheme of Arrangement (the “Scheme”) has been approved by the requisite majority in all four classes, demonstrating broad commitment across all creditor classes. Please see the Company Announcement on the SGX for further details on the voting results.
Table 1: Voting Results
| Class | "FOR" % by Number | "FOR" % by Value |
| CCP Secured Facility Lenders | 88.89% | 93.99% |
| Non-CCP Secured Facility Lenders | 100% | 100% |
| Secured Facility Lenders' Undersecured Claims | 87.50% | 97.90% |
| Unsecured Claims | 74.42% | 95.64% |
Notes: The scheme of arrangement is required to be approved by a majority in number (above 50%) representing at least 75% in value of each class of scheme creditors present and voting at the scheme meeting
Following the Scheme Meeting, the Company will be making an application to the High Court of the Republic of Singapore’s for it to sanction the Scheme.
A Court hearing is expected to be held later this month or in March, the exact date being subject to such modification as the Court may, in its respective discretion, approve and/or decide.
The debt restructuring exercise is expected to be completed by the first half of 2021.
Mr. S.S. Teo, Executive Chairman & Managing Director, said today:
“Following the acceptance
of the debt repayment plan by our subsidiary, Singamas Container Holdings last December, the success of the
Scheme Meeting is another milestone for us.”
“We are heartened by the results of the votes. This is indeed a strong testament to creditors’ confidence in PIL’s business and future prospects. We wish to thank our Investor, our creditors and our advisors for their steadfast support and belief in PIL, and all our customers and vendors for their patience during this challenging time while we are working on normalising our financial situation.”
“The comprehensive financing package offered by our Investor, in conjunction with a holistic restructuring of PIL’s financial liabilities, will recalibrate PIL’s capital structure for long-term sustainability, thereby allowing PIL to emerge as a stronger, leaner and better capitalised company, and one that will provide creditors with a clear path to recovery going forward.”