Creditors to struggling Singapore shipper Pacific International Lines Pte will vote Monday on a restructuring deal that involves a capital injection from a unit of Temasek Holdings Pte.

It’s an important day for investors who oppose the plan like Singapore businessman Kuah Ann Thia, an unsecured noteholder – the most vulnerable in the bond world. He and other individual investors hold parts of PIL’s $60 million security that came due in November but which the shipper hasn’t repaid.

Kuah had initially felt relief last year when he heard that the Temasek unit was providing a US$600 million ($796.7 million) package comprising debt and equity to PIL. But he said he became worried when he saw the company’s restructuring plan. Under the so-called scheme of arrangement, it could be at least five years before unsecured noteholders saw actual cash payments, according to presentation materials.

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