Pacific International Lines creditors vote in favour of the scheme of arrangement; DHC Capital acted as Chairman of the scheme meetings
The Pacific International Lines (Pte) Ltd (“PIL”) scheme meetings were held on 1 February 2021, at which the scheme creditors in the four classes of creditors voted in favour of the proposed scheme of arrangement. The scheme of arrangement is part of a comprehensive debt restructuring and recapitalisation plan involving a capital injection from a new investor in the amount of US$600 million. DHC Capital Partner, David Chew acted as Chairman of the scheme meeting and proposed Scheme Manager.
Read on for PIL’s announcement on the outcome of voting on the scheme.
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.