Sea Containers committee demands pension scheme claim calculation documents

By Caroline Salls

Pittsburgh, Feb. 8 - Sea Containers Ltd.'s official committee of unsecured creditors is seeking information related to the calculation of claims filed by the trustees for the company's 1983 and 1990 pension schemes, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The committee said it has asked for the documents it needs to understand how the $260 million in pension scheme claims were calculated and how that calculation would differ from a calculation at the "prudent investor rate."

According to the motion, although the scheme trustees refused to produce the requested documents while they were negotiating a settlement with Sea Containers, the proposed settlement "will raise at least the same issues as are already raised and highlights the need for discovery on an accelerated track."

The committee said the settlement between the scheme trustees and the company does not prevent the committee from objecting to the scheme claims and/or seeking related information.

"It is highly unlikely that the schemes will be able to establish their claims against Sea Containers unless documents exist supporting such claims," the committee said in its motion.

A hearing is scheduled for Feb. 26.

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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