PIL secures approval for life-saving rescue plan

Pacific International Lines just received creditor approval for the rescue plan that is supposed to inject USD 600 million in capital from the Singaporean state into the container line, which has called this plan its last resort. The Teo family now owns less than 15 percent.

Photo: PR / Pacific International Lines

Pacific International Lines (PIL) can breathe a sigh of relief for the time being after its creditors have approved the rescue plan the carrier has previously called its last resort.

During a fateful meeting today, Monday, the carrier's creditors voted on the agreement, which received support from a significant majority, informs PIL in a statement.

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