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Sea Containers Trustee Disbands Committee

Law360 (June 26, 2007, 12:00 AM EDT) -- The U.S. Trustee overseeing Sea Containers Ltd.’s Chapter 11 proceedings has disbanded the company’s unsecured creditors committee just days after harshly criticizing the company's proposed postpetition financing scheme.

Sea Containers on Monday fired back at U.S. Trustee Kelly Beaudin Stapleton, asking the U.S. Bankruptcy Court for the District of Delaware to hold an emergency status conference to discuss Stapleton’s decision, which was handed down Friday.

Sea Containers had asked the bankruptcy court for approval to obtain postpetition financing for working capital and to capitalize its subsidiaries...
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