Sea Containers in talks on amendment or waiver of net worth covenants

By Sara Rosenberg

New York, March 24 - Sea Containers Ltd. is in discussions with its bank lenders about waiving or amending some net worth covenants contained in its credit agreement, according to a company news release.

The company expects to be unable to comply with the net worth covenants because of pre-tax asset impairment charges of about $500 million that would be incurred as part of its withdrawal from the ferry business.

Sea Containers is a Hamilton, Bermuda-based provider of passenger and freight transport and marine container leasing.

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