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PIL: soaring rates inadequate to escape liquidation

n.savvides - January 18, 2021 0

Pacific International Lines’ (PIL) management said that despite the recent hike in container freight rates, the Singaporean carrier remains overleveraged and needs further restructuring...

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Updated: PIL fine for Guam oil dumping adds to carrier’s woes

n.savvides - January 12, 2021 0

Pacific International Lines (PIL) has been fined US$3 million for the illegal dumping of oil from one of its ships into Guam’s Apra Harbor. The...

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PIL fire sale continues with feeder pair

n.savvides - January 6, 2021 0

PIL has sold two more ships, as the troubled Singaporean liner operator continues its asset sales to bolster its balance sheet. One of the ships,...

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Updated: PIL defaults on bond payments

n.savvides - November 17, 2020 0

Pacific International Lines is unable to make good on the principal and interest due to holders of an SG$60 million (US$43.8 million) bond issue...

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Mounting debt could see PIL liquidation

n.savvides - November 13, 2020 0

Pacific International Lines (PIL) faces liquidation as a mounting debt burden, dwarfing the value of its assets, drags the company further into the mire. Management...

News

PIL files for court protection as restructuring plan takes shape

n.savvides - November 10, 2020 0

Pacific International Lines (PIL) has announced that it has developed a restructuring plan with its investors Heliconia Capital Management and has applied to Singapore’s...

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PIL sells two more ships

n.savvides - November 5, 2020 0

Pacific International Lines has sold another two ships as the troubled Singaporean liner operator works on bolstering its balance sheet. South Korean feeder operator Taiyoung...

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PIL continues restructuring with ship sale to TS Lines

n.savvides - October 12, 2020 0

Pacific International Lines (PIL), the cash-strapped Singaporean liner operator, has sold yet another ship and it has been snapped up by Taiwanese intra-Asia carrier...

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PIL extends Heliconia talks and offloads more ships

n.savvides - October 6, 2020 0

Pacific International Lines (PIL) has informed the Singapore Exchange that it is again delaying filing its annual return, with the names of the latest...

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