Sea Containers Sells Isle of Man Steam Packet

Thursday, July 17, 2003
Sea Containers has sold the Isle of Man Steam Packet Company to Montagu Private Equity Limited for $233 million, with effect on June 30, 2003. The profit on this transaction will be $100 million, however, the company has decided to establish provisions for the restructuring of its fast ferry business and to reduce the carrying value of certain assets to current market value. Total provisions will be approx. $40 million. The company also advised that its exchange offer of 13% senior notes due 2006 for July 1, 2003 matured 9.5% and 10.5% senior notes had been subscribed in the amount of $22.5 million. The balance of these senior notes ($136.6 million) has been repaid. James B Sherwood, President, said that the exchange offer for the company’s $99 million of 12.5% senior subordinated debentures due 2004 was still open and an announcement of the acceptances would be made when the offer expires (July 23, 2003 unless extended). The company is offering senior notes due 2009 in exchange for this subordinated debt, carrying the same interest rate of 12.5%. Sherwood said that the company expects soon to conclude the sale of its port interests in Folkestone and part of its port interests in Newhaven for £16 million ($26 million). It will retain the Newhaven Marina and property development site adjacent. He said that sale of the company’s Charleston container manufacturing facility now looks less likely in that offers received so far undervalue it. Its sale at this time is not necessary to meet the company’s obligations in light of the successful exchange offer for the July 1, 2003 matured notes.

People & Company News

MN100: Guido Perla & Associates, Inc.

The Company: With offices in the US, Brazil, Chile, China and Germany, GPA developed into an independent, full-service naval architecture and marine engineering

Grand Bahama Shipyard Expands Sales Team

Grand Bahama Shipyard Limited (GBSL) has added three regional sales directors to its Marketing and Sales Division, with posts in the Americas, Europe and Asia/Middle East.

MN100: Kohler Marine

The Company: Kohler Marine generators are produced in the United States and distributed globally. Kohler Marine sales as well as aftermarket sales and service activities are globally organized.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0924 sec (11 req/sec)