Singapore’s financially troubled Pacific International Lines (PIL) has held an informal meeting with noteholders of $60m in debt due this year to outline its restructuring plans.
In a presentation, which has since been filed on the Singapore Exchange, it offered a detailed appraisal of its difficulties and explained how it plans to build a sustainable capital structure.
The company hopes to arrange a meeting of creditors to support the package of measures in January before seeking court approval for its financial restructuring in February.
