Sea Containers' Plan Transfers Interests To Newco

Law360, New York (August 1, 2008, 12:00 AM EDT) -- Nearly two years after seeking Chapter 11 protection, Sea Containers Ltd. has filed its plan and disclosure statement, calling for the company to be reorganized and its container interests to be transferred to a new company called Newco.

The documents were filed Thursday in U.S. Bankruptcy Court for the District of Delaware.

In addition, Newco will be issued a repatriation note, reflecting a loan from Newco that enables the reorganized Sea Containers to pay off its debtor-in-possession loan and fund its costs for emerging from bankruptcy....
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