Sea Containers committee calls plan a 'potentially needless waste of time'

By Caroline Salls

Pittsburgh, Sept. 18 - Sea Containers Ltd.'s official committee of unsecured creditors objected to approval of the disclosure statement for the company's proposed plan of reorganization, arguing that moving forward with the plan before the court rules on a key pension scheme settlement is "a potentially needless waste of time and resources."

According to the objection filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware, the current plan and disclosure statement allow only for approval of the hotly contested pension scheme settlement issue, even though the settlement could be denied.

If the pension scheme motion is denied, the committee said Sea Containers would be required to prepare a new plan and disclosure statement.

The disclosure statement hearing is scheduled for Sept. 19.

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.