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Sea Containers' Ch. 11 Plan Hits ERISA Roadblock

Law360 (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...
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