Sea Containers unsecured creditors committee disbanded in light of members' DIP participation

By Caroline Salls

Pittsburgh, June 25 - Sea Containers, Ltd.'s U.S. Trustee has disbanded the company's official committee of unsecured creditors because three of four committee members are participants in Sea Containers' proposed debtor-in-possession facility, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

According to the filing, because they will become secured and super-priority claimants in Sea Containers' Chapter 11 case in connection with the DIP, the U.S. Trustee had to remove Trilogy Capital, LLC, Dune Capital, LLC and Mariner Investment Group, Inc. from the committee, leaving indenture trustee HSBC Bank, NA as the only member.

U.S. Trustee Kelly Beaudin Stapleton said she is currently soliciting membership interest, and she will hold a meeting on June 28 to reformulate the committee.

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.

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