Sea Containers seeks court OK of €1.00 joint venture interest transfer

By Caroline Salls

Pittsburgh, Nov. 29 - Sea Containers Ltd. requested court approval of the €1.00 sale of its 50% interest in the Aegean Speed Lines NE joint venture to Speed Shipping Co. Ltd. as part subsidiary Hoverspeed GB Ltd.'s $2 million sale of a ferry vessel, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company said it is selling its joint venture interest in Aegean as part of indirect wholly owned non-debtor subsidiary Hoverspeed GB's sale of a passenger ferry vessel to Speed Shipping.

According to the motion, Speed Shipping already owns the other 50% interest in the Aegean joint venture.

Sea Containers said that although it believes no one else would be interested in buying both the joint venture interest and the ferry vessel, it will allow any other interested party to submit a bid for the joint venture interest.

A hearing is scheduled for Dec. 19.

Sea Containers, a Hamilton, Bermuda-based provider of passenger and freight transport and marine container leasing, filed for bankruptcy on Oct. 15. Its Chapter 11 case number is 06-11156.

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