PIL to Pay $1b Back in Credit Before it’s Due
Creditors Get Paid Early from Pacific International Lines
An announcement was made by the Board of Pacific International Lines (PIL) that through recent changes in their financials, they’re in a position to pay their creditors back an estimated $1 billion before the December 30 deadline.
PIL was originally in a Scheme of Arrangement (Scheme) with their creditors and a repayment plan in affect for restructuring taking place, however things have now changed.
Executive Chairman, SS Teo stated, “Over the past eight months, we have experienced the most dramatic turnaround in our financial position. In addition to the market recovery, our strong business fundamentals, ongoing restructuring initiatives and the hard work of our employees have improved our overall position.”
