Singamas to extend debt payment for PIL
Hong Kong-listed box maker said the extension carried more favourable terms than a debt-to-equity swap without any specific repayment schedule. The deal is still subject to approval from independent shareholders
The agreement will allow PIL to repay the $150m debt outstanding to Singamas over the next decade, as the Singaporean shipping line is in talks with state sovereign wealth fund Temasek for more financing aid. Interest of 1.5% per annum is liable on outstanding amounts
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