Teo family said to cede control of PIL
Proposed debt restructuring will significantly dilute the family’s equity interests in the Singaporean shipping line, rendering a loss of its status as the company’s controlling shareholder. Bank creditors are also asked to take deep haircuts in order to reach a settlement
Unconfirmed market talks priced Temasek’s investment package at $400m, but some have considered that amount insufficient to keep the company afloat
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