Sea Containers Slips Into Bankruptcy

Law360, New York (October 16, 2006, 12:00 AM EDT) -- Sea Containers Ltd. and two subsidiaries filed for Chapter 11 bankruptcy protection on Sunday, the same day it missed a deadline for a $115 million bond payment.

According to court documents filed with the U.S. bankruptcy court in Wilmington, Del., the Bermuda-based passenger and freight transport company said a supervised reorganization would allow it to better restructure its debt and find a sustainable financial footing.

“Although we have not paid the Oct. 15 public notes, we are optimistic about the success of our restructuring program and...
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