Sea Containers to Sell Ferries

Monday, May 08, 2006
Sea Containers is planning a comprehensive financial restructuring that would see a debt-for-equity swap follow the sale of its ferry operations later this year. The company is working on a business plan to sell off all group assets except its container leasing interests and the GNER east coast mainline rail business to cut its $1.3b debt burden to between $500m and $600m. Key to the plan is the sale of its Silja ferry operations in the Baltic, along with 10 other vessels. Société Générale is handling negotiations and is hopeful of a deal within weeks valuing Silja at some $630m. Sea Containers has a highly leveraged structure - its market capitalization stood at $190m at the end of last week. Last year the company invited offers from potential buyers. It subsequently had to write the business down by $415m, leading to a breach of its banking covenants. Continued losses have drained cash from the group. (Source: The Observer)
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Port Authority Ship Electronics 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: 0.0927 sec (11 req/sec)