Sea Containers seeks approval to implement employee retention plan

By Caroline Salls

Pittsburgh, April 19 - Sea Containers Ltd. requested court approval of a non-insider employee retention plan that would pay up to $891,000 in cash installments to 12 eligible employees, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The proposed retention plan payments range from $9,800 to $186,000 per employee.

For nine of the eligible employees, payments will be made in three installments, with the first payment to be made on Oct. 15, the next payment to be made on Jan. 15, 2008 and the final payment to be made on April 15, 2008.

The other three employees will receive their entire retention payment on the first installment date.

Sea Containers said the 12 employees were selected by management based on the critical nature of their job functions to the company's restructuring efforts, as well as each employee's performance of these critical functions.

A hearing is scheduled for May 8.

Sea Containers, a Hamilton, Bermuda-based provider of passenger and freight transport and marine container leasing, filed for bankruptcy on Oct. 15, 2006. Its Chapter 11 case number is 06-11156.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.