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Sea Container borrows $127m

Sea Container borrows $127m
Bermuda-based Sea Containers Ltd. said it transferred its maritime container interests to a new company and emerged from bankruptcy court in Delaware.

Bermuda-based Sea Containers Ltd. said it transferred its maritime container interests to a new company and emerged from bankruptcy court in Delaware.

Bermuda-based Sea Containers Ltd. said it transferred its maritime container interests to a new company and emerged from bankruptcy court in Delaware. The new company, SeaCo Ltd., borrowed $127 million from units of Belgium's Fortis Bank NV and Germany's DVB Bank AG to pay back loans taken for the court restructuring, the company said in a statement on Friday. Major shareholders of SeaCo will be former Sea Containers bondholders and two UK pension funds, the company said. Sea Containers filed for bankruptcy on October 15, 2006, with a plan to shed money-losing European ferry and rail operations in favour of its traditional business of providing shipping containers worldwide. With General Electric Capital Corp., SeaCo owns one half of a maritime leasing company, GE SeaCo, as well as a container fleet.

"SeaCo has been formed at a challenging time for the maritime container industry as it responds to the downturn in global shipping," SeaCo chief executive officer Mark Wilson said in the statement.

www.TurkishMaritime.com.tr

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