Sammyboy RSS Feed
20-07-2017, 10:40 AM
An honorable member of the Coffee Shop Has Just Posted the Following:
Dear brothers and sisters,
below is from reliable information and you can google it out.
PIL faces heavy re-financing burden
PIL was reported to have sold two 2012 built capesize bulk carriers this year at only $26-28 M each, logging a substantial loss, and pledged its shares in Singamas, the Hong Kong - listed container manufacturer in which it holds a 41.1% stake, to raise some $180M from banks. The proceeds have been used to repay S$300 M ($219M) of its 5.9% bonds that were due on 17 July. PIL also has a further S$130 M ($95 M) of 7.25% bonds due in November 2018.
According to a stock exchange filing by Singamas on 11 July, PIL is required to sell its stake in Singamas within 20 months for a total consideration of at least $180 M or at a value acceptable to its lenders.
PIL said that it may re-finance its loans in order to avoid having to sell the Singamas stake, which is currently valued at only $140 M, based on the last traded share price in Hong Kong.
The privately-owned PIL Group is controlled by the Chang (Teo) family and does not publish regular financial results. The company recorded a significant net loss last year, that was attributed to “very low freight rates and a one-off bunker hedging loss” in the first half of 2016. PIL also faces significant debt repayment burdens with a total debt of over $2.6 Bn.
Click here to view the whole thread at www.sammyboy.com (https://singsupplies.com/showthread.php?245306-PAP-Poster-Boy-Ex-NMP-Teo-Siong-Seng-PIL-Is-Face-Great-Debt-Problems&goto=newpost).
Dear brothers and sisters,
below is from reliable information and you can google it out.
PIL faces heavy re-financing burden
PIL was reported to have sold two 2012 built capesize bulk carriers this year at only $26-28 M each, logging a substantial loss, and pledged its shares in Singamas, the Hong Kong - listed container manufacturer in which it holds a 41.1% stake, to raise some $180M from banks. The proceeds have been used to repay S$300 M ($219M) of its 5.9% bonds that were due on 17 July. PIL also has a further S$130 M ($95 M) of 7.25% bonds due in November 2018.
According to a stock exchange filing by Singamas on 11 July, PIL is required to sell its stake in Singamas within 20 months for a total consideration of at least $180 M or at a value acceptable to its lenders.
PIL said that it may re-finance its loans in order to avoid having to sell the Singamas stake, which is currently valued at only $140 M, based on the last traded share price in Hong Kong.
The privately-owned PIL Group is controlled by the Chang (Teo) family and does not publish regular financial results. The company recorded a significant net loss last year, that was attributed to “very low freight rates and a one-off bunker hedging loss” in the first half of 2016. PIL also faces significant debt repayment burdens with a total debt of over $2.6 Bn.
Click here to view the whole thread at www.sammyboy.com (https://singsupplies.com/showthread.php?245306-PAP-Poster-Boy-Ex-NMP-Teo-Siong-Seng-PIL-Is-Face-Great-Debt-Problems&goto=newpost).