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SEA CONTAINERS: SeaCon Ltd. Files Sept. 2007 Operating Report
Sea Containers, Ltd. Unaudited Balance Sheet As of September 30, 2007
Assets
Current Assets Cash and cash equivalents US$42,482,514 Trade receivables, less allowances for doubtful accounts 394,923 Due from related parties 711,255 Prepaid expenses and other current as 540,013 ------------ Total current assets 44,128,705
Fixed assets, net -
Long-term equipment sales receivable, net - Investments in group companies 143,546,856 Intercompany receivables - Investment in equity ownership interests 220,170,010 Other assets 3,941,292 ------------ Total assets US$411,786,863
Liabilities and Shareholders' Equity
Current Liabilities Accounts payable 5,424,386 Accrued expenses 55,840,265 Current portion of long-term debt 172,107,141 Current portion of senior notes 385,351,436 ------------ Total current liabilities 618,723,228
Total shareholders' equity (206,936,365) ------------ Total liabilities and shareholders' equity US$411,786,863
Sea Containers, Ltd. Unaudited Statement of Operations For the Month Ended September 30, 2007
Revenue (947,966)
Costs and expenses: Operating income 167,601 Selling, general and administrative expenses (3,488,212) Professional fees (3,752,843) Charges to provide against intercompany accounts (1,233,807) Impairment of investment in subsidy Co. - Forgiveness of intercompany debt - Depreciation and amortization - ------------ Total costs and expenses (8,307,261) ------------
Gain or (Loss) on sale of assets (127,181) ------------ Operating income (loss) (9,382,408)
Other income (expense) Interest income 171,764 Foreign exchange gains or (losses) 5,810 Interest expense, net (4,696,684) ------------ Income (Loss) before taxes (13,901,518) Income tax expense (6,014,000) ------------ Net (Loss) (US$19,915,518)
Headquartered in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/ -- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts.
The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers disclosed total assets of $62,400,718 and total liabilities of $1,545,384,083. The Debtors' exclusive period to file a chapter 11 plan expires on Dec 21, 2007. (Sea Containers Bankruptcy News, Issue No. 30; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/ or 215/945-7000).
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