Sea Containers Committee Disputes $268M Deal

Law360, New York (May 29, 2008, 12:00 AM EDT) -- Sea Containers Ltd.'s unsecured creditors committee has objected to a proposed $268 million settlement between the company and two of its pension funds, saying the settlement is based on implausible contingencies and improper application of British law.

“The lion's share of this amount is based upon a claimed U.K. statutory obligation that has not been triggered; contingencies that have not occurred, and may never occur, and have been discounted for the likelihood that they will not occur; calculations based upon out-of-date and 'finger in the air'...
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.