Trustee Balks At Sea Containers' Financing Bid

Law360, New York (June 21, 2007, 12:00 AM EDT) -- A proposed financing scheme under which Sea Containers Ltd. would receive more than $176 million from some of its unsecured creditors has drawn an objection from the U.S. Trustee charged with steering the bankrupt transport and marine container leasing company through bankruptcy.

The trustee filed her objection Tuesday, asking U.S. Bankruptcy Judge Kevin J. Carey to reject Sea Containers' June 8 motion for authority to implement the financing plan.

U.S. Trustee Kelly Beaudin Stapleton said Sea Containers' motion and accompanying declaration were “devoid of factual support.”...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.