Sea Containers' Ch. 11 Plan Hits ERISA Roadblock

Law360, New York (August 29, 2008, 12:00 AM EDT) -- The federal agency that administers the pension plan termination program under the Employee Retirement Income Security Act has objected to the reorganization plan filed by Sea Containers Ltd. in its Chapter 11 bankruptcy proceedings, claiming it does not address the debtors' responsibilities to the pension plan of a non-debtor subsidiary.

In an objection filed Thursday in the U.S. Bankruptcy Court for the District of Delaware, the Pension Benefit Guaranty Corp. claims that the debtors' disclosure statement for its joint plan of reorganization violates federal bankruptcy laws...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.