- Sea Containers Ltd
Sea Containers Ltd. is a
Bermuda-registered company which operates two main business areas: transport and container leasing.
2006the company sold its share of Orient-Express Hotels Ltd.. Sea Containers Ltd is currently in Chapter 11 bankruptcystatus in the United States[ [http://www.seacontainers.com/dynamic/body.asp?DocumentID=665] ] .
Yale Universitygraduate and retired United States Navyofficer James Sherwoodfounded "Sea Containers" in 1965, with initial capital of $100,000 [ [http://www.fundinguniverse.com/company-histories/Sea-Containers-Ltd-Company-History.html Sea Containers Ltd. - Company History ] ] . Over 40 years, Sherwood expanded Sea Containers from a supplier of leased cargo containers, into various shipping companies, as well as expanding the company into luxury hotels and railway trains, including the Venice-Simplon Orient Expressand the Great North Eastern Railwayfranchise from Londonto Edinburgh.
Although valued with a net worth of £60million in the
2004 Sunday Times Rich List[ [http://www.timesonline.co.uk/richlist/person/0,,34291,00.html Sunday Times - Rich List ] ] , as Sea Containers hit financial troubles, he has resigned from each of his companies in 2006.
On March 24 2006 Sea Containers announced its intention to withdraw from the ferry business. These are:
*SeaStreak – fast ferry services between
New Yorkand New Jersey.
SNAV-Hoverspeed– a joint venture with Italian ferry operator SNAV. Uses the former "Seacat Danmark" as "Zara Jet."
Aegean Speed Lines– a joint venture in Greece with the Eugenides Group. The service uses the former " Hoverspeed Great Britain" as "Speedrunner 1", which operated in the English Channeland held the Hales Trophy and Blue Riband for the fastest crossing of the North Atlantic.
The following businesses have already been discontinued:
HoverspeedEnglish Channel services
SeaCat( Belfast- Troon).
Related activities include:
*Hart Fenton – a naval architecture and marine engineering company.
*Sea Containers Chartering Ltd.
*GNER – a train operating company which operated high-speed express train services on the
United Kingdom’s East Coast Main Linefrom 1996 through 2007. It was replaced by National Express East Coast.
Sea Containers container leasing business is mainly conducted through
GE SeaCo, a joint venture with GE Capital. GE SeaCo operates one of the largest marine container fleets in the world. Sea Containers also owns or partly owns five container depots, four container manufacturing facilities and a refrigerated container service business (PartCo International). In addition, it owns one container ship
* Sea Containers Property Services Ltd – property development, property asset management.
* The Illustrated London News Group (ILNG) – publishing
* Fruit farming – Sea Containers owns plantations in West Africa and South America.
* Fairways & Swinford – UK-based business travel agency
Silja Line– fast and conventional services in the Baltic Sea. In June 2006 Silja Linewas purchased by Tallink, a ferry company from Estonia. Silja Lineis operated as a separate company at this time and continues to use the Silja Linename. As of 2006Sea Containers still operates the Super Seacatservice between Helsinkiand Tallinnunder the "SuperSeaCat" brand name, competing against fast catamarans of Tallink.
*Orient Express Hotels
2006, Sherwood resigned from all positions in the various Sea Containers Companies. Sherwood was replaced by company doctor Bob MacKenzie, while Ian Durantbecame senior vice-president of finance.
Despite selling various businesses and asets, Sea Containers announced in early October
2006that it was unlikely to be able to pay a $115m (£62m) bond due up on 15 October. On 16 October, the company filed for Chapter 11bankruptcy protection. The documents revealed that Sea Containers has paid Sherwood $500k, MacKenzie just under £1.4m, and Durant £1.1m [ [http://business.timesonline.co.uk/article/0,,8209-2524166,00.html Sea Containers paid bosses £1m - Times Online ] ] .
6 November, 2006the UK Pensions regulator wrote to Sea Containers that it must pay £143m to its two UK pension schemes if it wants to wind them up [ [http://news.bbc.co.uk/1/hi/business/6120202.stm BBC NEWS | Business | Pension threat to Sea Containers ] ] .
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