Embattled Pacific International Lines (PIL) has won interim funding from a unit of Singapore’s sovereign wealth fund to keep the SS Teo containerline operating.
Heliconia Capital Management has agreed to invest between $100m and $110m in the line as negotiations between the two parties continue for a much larger investment in the region of $400m to $450m.
In an emailed statement sent to Splash, a PIL spokesperson wrote: “Our discussions with Heliconia have been progressing well and we can confirm that a deal has been reached for interim funding that would allow the company to meet it’s (sic) most urgent operational needs. On the broader investment contemplated by Heliconia, PIL will make further announcements when there are material developments.”
PIL has been selling many assets in the last 18 months to stay afloat. The company, founded in 1968, is the world’s 10th largest liner company with 346,086 slots in its fleet.