DHC Capital nominated as Chairman of the scheme meeting for Pacific International Lines scheme of arrangement
DHC Capital has been nominated as Chairman of the scheme meeting and to report the results of the scheme meeting to the Court for Pacific International Lines (Pte) Ltd (“PIL”) scheme of arrangement. Read on for PIL’s announcement on the commencement of the scheme of arrangement process and provision of fresh financing by a new investor.
About Pacific International Lines (Pte) Ltd
PIL is a privately held company incorporated in Singapore with primary business operations as a container liner operator. PIL is one of the largest container ship-owners in South East Asia and amongst the largest containership operators in the world.
PIL applied to the High Court of Singapore to commence a Court-supervised process to reorganise its liabilities and to seek a moratorium against enforcement actions and legal proceedings by creditors pursuant to section 64 of the Insolvency, Restructuring and Dissolution Act. PIL intends to restructure its liabilities via a scheme of arrangement under section 210 of the Companies Act.