Sea Containers to Quit Ferry Business

Monday, March 27, 2006
Sea Containers Ltd. said it would withdraw from the ferry business, and it now expects to take $500 million in charges for the fourth quarter, sending its shares down 9 percent. The company, which runs the SeaStreak commuter service linking New Jersey with New York City, said the charges would reduce its net worth by $475 million, making it unable to comply with certain bank borrowing agreements. The passenger transport and marine container leasing company said in a statement that its board had decided to exit the ferry business, resulting in a noncash impairment charge of $415 million on a pretax basis for the fourth quarter. The company had previously estimated that it would take a fourth-quarter charge of $112 million. Sea Containers will also take a noncash pretax charge of $85 million for losses incurred during the sale of containers, impairment charges and a goodwill write-down. The company said it was holding talks with lenders on obtaining waivers or amendments to loan agreements and would restate its earnings for all four quarters of 2005 and delay filing its annual reports with the U.S. Securities and Exchange Commission until April to allow time to finalize bank negotiations and outstanding accounting issues. (Source: Reuters)
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Fugro Achieves Innovation through Integration

When Aberdeen-based Diamond Offshore wanted to add new functionality to the existing helideck monitoring system on the Ocean Guardian drilling rig in the North Sea,

BMT ARGOSS Awarded OHSAS 18001

BMT ARGOSS, an operating company of BMT Group Ltd. has been awarded the universally recognized standard for occupational health and safety, BS OHSAS 18001. BMT ARGOSS,

Transocean Prices Initial Public Offering

Transocean Partners LLC, a Marshall Islands limited liability company formed by Transocean Ltd., has announced  the pricing of its initial public offering of 17,

 
 
Maritime Security Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1191 sec (8 req/sec)