Sea Containers must support pension schemes under U.K. regulator ruling

By Caroline Salls

Pittsburgh, June 18 - Sea Containers Ltd. will be required to financially support its Sea Containers 1983 Pension Scheme and Sea Containers 1990 Pension Scheme following a ruling by the determinations panel of the U.K. pensions regulator, according to a company news release.

A hearing was held June 12 and June 13 to consider warning notices issued by the regulator in October 2006 and April in connection with the two pension schemes.

Sea Containers said the actual financial support direction will not take effect before 28 days after notice of the regulator's ruling.

Reasons for the decision will be released on June 25.

Sea Containers said in the release that it is disappointed in the outcome of the hearing, and it will give its full comments and decide whether an appeal is appropriate once the panel has disclosed its reasons.

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

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