Pacific International Lines
Embattled boxship operator Pacific International Lines (PIL) said yesterday that the High Court has sanctioned its debt restructuring plan.
The scheme will take effect once the company lodges a copy of the court’s order with the Accounting and Corporate Regulatory Authority of Singapore.
Under the scheme, Heliconia Capital Management will become the majority shareholder in PIL while pumping in some US$600 million (S$798 million) to rescue the firm. The stakes held by the family of executive chairman Teo Siong Seng will be diluted to less than 15 per cent.
THE BUSINESS TIMES
Samsung Electronics
Samsung Electronics is considering two sites in Arizona and one in New York, in addition to Austin, Texas, for a new US$17 billion (S$22.6 billion) chip plant, according to documents filed with Texas state officials.
The tech giant is also seeking combined tax abatements of US$1.48 billion over 20 years from Travis County in Texas and the city of Austin, the documents dated last Friday said. It is in talks with the sites in Arizona and New York, with each offering property tax abatement and “significant grants and/or refundable tax credits” to fund infrastructure improvements, the documents said.
REUTERS
Medtecs International
Personal protective equipment (PPE) maker Medtecs International has entered into a joint venture (JV) with ACO International to build a fully vertically integrated product development, manufacturing, sales and distribution platform.
ACO is a special purpose vehicle, incorporated in 2015 by a group of professionals, with extensive knowledge in the medical product supply chain and relationships across the United States healthcare market, Medtecs said in a bourse filing on Tuesday.
ACO and Medtecs will have an equal stake in the JV company Resilient Medical.
THE BUSINESS TIMES