PIL Receives Support from a Significant Majority of Creditors for Debt Restructuring Plan
01 February 2021

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.”

ENDS

About Pacific International Lines:

Pacific International Lines (PIL) was incorporated in 1967 in Singapore. PIL has developed from a coastal shipowner in Singapore into the largest carrier in Southeast Asia, with a focus on China, Asia, Africa, South America and the Middle East. PIL owns and operates a fleet of around 100 vessels and multi-purpose vessels, serving over 500 locations in more than 90 countries worldwide.


太平船务财务重塑计划获债权人大比数支持通过

勠力同心 支持集团迈向复兴之路 实现永续发展

新加坡,2021年2月1日 – 太平船务集团(“PIL”)很高兴于今日宣布,其所提出的财务重塑计划已获债权人和票据持有人的大比数支持并通过。

于今日(2021年2月1日)召开的财务整理协议(Scheme of Arrangement)会议上,所有投票类别的债权人一致地以大比数投票赞成协议所提出的集团财务重塑计划,充分体现各利益相关方团结一致、合作共赢的决心。 投票结果详情,请参阅公司在新加坡交易所发布的 公告

图一: 投票结果

类别"赞成"票数 %"赞成"价值%
CCP 有担保债权人
(CCP Secured Facility Lenders)
88.89%93.99%
非-CCP有担保债权人
(Non-CCP Secured Facility Lenders)
100%100%
有担保债权人抵押不足的部分
(Secured Facility Lenders' Undersecured Claims)
87.50%97.90%
无担保债务
(Unsecured Claims)
74.42%95.64%

注: 《财务整理协议》须在每个债权人类别均获得50%的多数票以及代表不少于75%的总值通过

财务整理协议会议结束后,集团将向法院提出申请,批准推行其提出的财务整理协议。聆讯预计将于本月或三月进行。具体日期以法院最终的颁布为准。

整个全面财务重塑计划预计于2021年上半年完成。

太平船务集团执行主席张松声 表示:
“继我们的子公司胜狮货柜于去年12月以高票数通过并接纳集团所提出的还款计划后,本次财务整理协议会议是集团重塑过程中另一个重要的里程碑。”

“我们对投票结果感到非常鼓舞和欣慰。感谢债权人对企业的业务和前景投下充满信心的一票。过去两年,太平船务在复杂多变的市场环境和严峻的新冠疫情下不懈奋斗,维持企业正常运转,同时积极引进优质投资者。我们特别感谢我们的投资者、债权人和顾问与集团一路走来,坚定不移地支持太平船务。我们也非常感恩客户和供应商在我们重塑过程中对集团的理解和配合。”

“待法院正式批准后,太平船务将全面实施财务重塑计划,同步推动集团债务重组,重整集团资本结构。同时,企业也会加快步伐调整核心业务,提升市场竞争力,以实现永续发展。我们相信成功重组后的太平船务将会变得更强大、更专注,资本更充足,并将于与债权人携手走向复兴之路。”

关于太平船务:

自1967年成立以来,太平船务从经营散货运输发展成为东南亚最大的集装箱船东之一 ,核心业务覆盖亚洲,非洲,南美洲和中东地区。太平船务拥有并经营一支大约100艘船舶和多用途船船舶的船队。其集装箱班轮和散货运输服务网络覆盖全球90个国家500多个地点。