HAMILTON, Bermuda, Jan. 10, 2012 /PRNewswire/ -- SeaCo Ltd.
(OTC: SEAOF) (the "Company" or "SeaCo") today announced that, as
disclosed in a prior press release issued by HNA Group Company
Limited of China ("HNA") and
Bravia Capital of Hong Kong
("Bravia") on December 15, 2011, HNA
and Bravia have completed their acquisition of GE SeaCo, the
world's fifth largest marine container leasing company, including
the acquisition of all of SeaCo's interests in GE SeaCo. With the
successful completion of the sale of its interests in GE SeaCo, the
Company's Board of Directors has declared a first liquidating
distribution of $0.65 per common
share to its shareholders of record as of the close of business on
January 19, 2012. The Company
anticipates that this liquidating distribution shall be paid to
shareholders as promptly as practicable after it arranges
distribution mechanics relating to reserves established under the
Plan of Reorganization for Sea Containers, Ltd. for disputed and
certain potential employee claims and obtains court approval of
such arrangements. While the timing of this first liquidating
distribution is uncertain, the Company hopes to be in a position to
make this distribution by the end of January. It is
anticipated that any such distribution would be made pursuant to
the Plan of Liquidation of SeaCo Ltd., approved by the Company's
stockholders on August 17,
2011. No assurance can be provided as to the timing of such
distribution.
About SeaCo Ltd.
SeaCo Ltd. is a shipping container investment and leasing group,
which was formed in February 2009 to
hold the existing container leasing investments of Sea Containers
Limited, following its U.S. Chapter 11 reorganization. Additional
information is available at: www.seacoltd.com.
Forward Looking Statements
This press release may contain "forward-looking statements". The
words "may," "could," should," "would," "believe," anticipate,"
"estimate," "expect," "intend," "plan," "target," "goal," and
similar expressions are intended to identify forward-looking
statements. All forward-looking statements are subject to certain
risks and uncertainties and are subject to change based on various
factors, many of which are beyond the control of SeaCo Ltd. These
risks and uncertainties include, but are not limited to, the
Company's ability to convert its remaining assets into cash,
possible contingent liabilities and post-closing indemnification
and other obligations arising from the sale of the Company's
businesses, risks associated with the liquidation and dissolution
of the Company, the Company's ability to settle, make reasonable
provision for or otherwise resolve its liabilities and obligations,
the amount of income earned on the Company's cash and cash
equivalents and short-term investments and expenses incurred.
SeaCo Ltd. undertakes no duty to update any forward-looking
statements as a result of new information, future developments or
otherwise, except as expressly required by law.
SOURCE SeaCo Ltd.