Sea Containers Sheds $17M In Debt With Unit Sale

Law360, New York (March 31, 2008, 12:00 AM EDT) -- Last Wednesday was an eventful day in Sea Containers Ltd.'s Chapter 11 case, with a judge approving the sale of a boat-commuting service in a deal that rids the company of as much as $17.6 million in obligations to two prominent banks.

Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware signed off on SCL's $3 million stock purchase agreement to sell its SeaStreak America Inc. subsidiary to New England Fast Ferries.

“The disposition of SeaStreak is part of the debtors'...
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