In the news – Pacific International Lines scheme sanctioned (Global Restructuring Review)
Read on for the GRR article on the sanction of the Pacific International Lines (Pte) Ltd (“PIL”) US$1 billion scheme of arrangement on 3 March 2021. The successful sanctioning of the scheme marks the completion of the Court supervised process in one of the largest debt restructurings in Singapore enacted under the Insolvency, Restructuring and Dissolution Act 2018 (and its predecessor laws in the Companies (Amendment) Act 2017, which came into force on 23 May 2017).
The 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 (click here for more information on the scheme meeting).
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.
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