EX-99.1 2 a07-11508_3ex99d1.htm EX-99.1

Exhibit 99.1

united states bankruptcy court

for the district of delaware

In re: Sea Containers Ltd., et al.

 

Case No.

06-11156 (KJC)

 

 

Reporting Period:

March 1, 2007 - March 31, 2007

 

MONTHLY OPERATING REPORT

File with Court and submit copy to United States Trustee within 20 days after end of month**

Submit copy of report to any official committee appointed in the case.

REQUIRED DOCUMENTS

 

Form No.

 

Document
Attached

 

Explanation
Attached

Schedule of Cash Receipts and Disbursements

 

MOR-1

 

x

 

 

Bank Reconciliation (or copies of debtor’s bank reconciliations)

 

MOR-1 (CON’T)

 

x

 

 

Copies of bank statements

 

 

 

 

 

 

Cash disbursements journals

 

 

 

 

 

 

Statement of Operations

 

MOR-2

 

x

 

 

Balance Sheet

 

MOR-3

 

x

 

 

Status of Postpetition Taxes

 

MOR-4

 

x

 

 

Copies of IRS Form 6123 or payment receipt

 

 

 

 

 

 

Copies of tax returns filed during reporting period

 

 

 

 

 

 

Summary of Unpaid Postpetition Debts

 

MOR-4

 

x

 

 

Listing of aged accounts payable

 

 

 

 

 

 

Accounts Receivable Reconciliation and Aging

 

MOR-5

 

x

 

 

Debtor Questionnaire

 

MOR-5

 

x

 

 

 

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.

 

 

 

 

 

Signature of Debtor

 

Date

 

 

 

 

 

 

 

 

 

 

 

 

Signature of Joint Debtor

 

Date

 

 

 

 

 

 

 

 

 

 

 

 

/s/ Ian Durant

 

 

 

 

Signature of Authorized Individual*

 

Date

April 30, 2007

 

 

 

 

 

 

 

 

 

 

Ian Durant

 

 

 

 

Printed Name of Authorized Individual

 

Title of Authorized Individual

 

 

 

* Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.

** As agreed with the US Trustee office, MORs will be filed the 30th after each Month

FORM MOR

 

(9/99)

 



SEA CONTAINERS LTD., et al.

INDEX TO MONTHLY OPERATING REPORT

 

Description

 

Pages

 

 

 

General Notes to Monthly Operating Report

 

1-2

 

 

 

Schedule of Cash Receipts and Disbursements for Sea Containers Ltd. listing bank account details with month end period balances

 


3-4

 

 

 

Schedule of Cash Receipts and Disbursements for Sea Containers Services Ltd. listing bank account details with month end period balances

 


5

 

 

 

Bank Reconciliation Attestation

 

6

 

 

 

Balance Sheet and Statement of Operations for Sea Containers Ltd.

 

7-9

 

 

 

Balance Sheet and Statement of Operations for Sea Containers Services Ltd.

 

10-12

 

 

 

Balance Sheet for Sea Containers Caribbean Inc.

 

13-14

 

 

 

Schedule of Intercompany Activity for Sea Containers Ltd.

 

15-16

 

 

 

Schedule of Intercompany Activity for Sea Containers Services Ltd.

 

17

 

 

 

Tax Attestation

 

18

 

 

 

Statement Regarding Insurance Policies

 

18

 

 

 

Schedule of Accounts Receivable and Aging for Sea Containers Ltd.

 

19

 

 

 

Schedule of Accounts Receivable and Aging for Sea Containers Services Ltd.

 

20

 

 

 

Schedule of Post-Petition Aged Creditors for Sea Containers Ltd.

 

21

 

 

 

Schedule of Post-Petition Aged Creditors for Sea Containers Services Ltd.

 

22

 

 

 

Debtors Questionnaire

 

23

 



SEA CONTAINERS LTD., et al

MONTHLY OPERATING REPORT, MARCH 2007

NOTES TO MONTHLY OPERATING REPORT

General

For financial reporting purposes, Sea Containers Ltd. prepares consolidated financial statements relating to Sea Containers Ltd. and its affiliates and subsidiaries (the “Sea Containers Group”) that are filed with the Securities and Exchange Commission (the “SEC”).  Unlike the consolidated financial statements, the financial statements in this report reflect only the assets and liabilities of each individual Debtor (as defined below).

The information furnished in this report includes primarily normal recurring adjustments and reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of such financial information.  In particular, management wishes to highlight note three on page seven and note two on page ten.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted.

The financial statements in this report represent the company’s internal accounting, on an unaudited and uncertified basis.  As of April 30, 2007, Sea Containers Ltd. has not filed its form 10-K report for fiscal year ended December 31, 2005, nor has it filed form 10-Q reports for the quarters ended March 31, 2006, June 30, 2006 and September 31, 2006.  The certification and audit process may result in adjustments to the stated assets and liabilities.

Chapter 11 Reorganization Proceedings

On October 15, 2006 (the “Petition Date”), Sea Containers Ltd. (“SCL”), Sea Containers Services Ltd. (“Services”) and Sea Containers Caribbean Inc. (“SCCI”) (each a “Debtor” and collectively, the “Debtors”) each filed a voluntary petition for relief under chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).  The cases were consolidated for the purpose of joint administration. The Debtors are operating their businesses as debtors-in-possession (“DIP”) pursuant to the Bankruptcy Code.  An official committee of unsecured creditors has been appointed for SCL (the “SCL Committee”) and an official committee of unsecured creditors has been appointed for Services (the “Services Committee”).

Pursuant to the provisions of the Bankruptcy Code, all actions to collect upon any of the Debtors’ liabilities as of the Petition Date or to enforce pre-petition contractual obligations are automatically stayed.  Absent approval from the Bankruptcy Court, the Debtors are prohibited from paying pre-petition obligations.  In addition, as a consequence of the chapter 11 filing, pending litigation against the Debtors is generally stayed, and no party may take any action to collect pre-petition claims except pursuant to an order of the Bankruptcy Court.  However, the Debtors have requested that the Bankruptcy Court approve certain pre-petition liabilities, such as employee wages and benefits and certain other pre-petition obligations.  While the Debtors are



subject to chapter 11, all transactions of the Debtors outside the ordinary course of business will require the prior approval of the Bankruptcy Court.

At the Initial Debtors Interview with the United States Trustee on November 21, 2006, it was agreed that the Debtors’ Monthly Operating Report should consist of the following:

·                  Consolidating Schedule of Cash Receipts and Disbursements by Debtor.

·                  List of all bank accounts detailing the bank, account description, account number, and month end book balance.  Attestation that all bank reconciliations have been performed.

·                  Balance Sheets for Each Debtor.

·                  Schedules of the intercompany activity.

·                  Income Statements for each Debtor.(1)

·                  Schedule of Post-Petition fiduciary taxes – Provide Attestation that all taxes are current.

·                  Schedule of Unpaid Post-Petition Debts.

·                  Schedule of Accounts Receivable and Aging.

·                  Debtor Questionnaire.

(1)          No income statement has been prepared for Sea Containers Caribbean Inc. since it has not traded in the last 12  months.

2



 

In Re: Sea Containers Limited

Cash No:

06-1156 (KJC)

 

Reporting Dates:

March 1 - March 31, 2007

 

 

 

Schedule of Cash Receipts and Disbursements

 

 

 

 

 

 

 

 

 

Commerce

 

 

 

 

 

 

 

 

 

 

 

Bank of

 

Bank of

 

Bank of

 

Bank of

 

 

 

JP Morgan

 

JP Morgan

 

Bank

 

JP Morgan

 

JP Morgan

 

JP Morgan

 

NatWEst

 

Barclays

 

America

 

America

 

Scotland

 

Scotland

 

 

 

A/C 704

 

A/C 702

 

A/C 353

 

A/C 501

 

A/C NY705

 

A/C 382

 

A/C 886

 

A/C399

 

A/C 015

 

A/C 023

 

A/C USD01

 

A/C 242

 

Cash beginning of month

 

$

100,945.00

 

$

28,276.00

 

$

51,284,366.00

 

$

16,244.00

 

$

19,641.00

 

$

5,932.00

 

$

10,793.00

 

$

27.00

 

$

162,137.00

 

$

-10,045.00

 

$

1,267.00

 

$

1,220.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receipts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts Receivable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend

 

 

 

 

 

 

 

$

92,300.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sale of ships

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Exchange Revaluation

 

 

 

 

 

 

 

$

962.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income

 

$

742.00

 

 

 

$

626,920.00

 

$

41.00

 

 

 

$

121.00

 

 

 

 

 

$

1,056.00

 

 

 

$

227.00

 

$

11.00

 

Sweep from SCS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intra company sweep

 

$

-43,625.00

 

$

333,576.00

 

$

-3,413,500.00

 

 

 

$

-40,000.00

 

 

 

 

 

 

 

$

3,193,400.00

 

$

40,149.00

 

 

 

 

 

Income received from Ge Seaco

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Container Rental

 

 

 

$

3,835.00

 

 

 

 

 

$

57,208.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Receipts

 

$

-42,883.00

 

$

337,411.00

 

$

-2,786,580.00

 

$

93,303.00

 

$

17,208.00

 

$

121.00

 

$

0.00

 

$

0.00

 

$

3,194,456.00

 

$

40,149.00

 

$

227.00

 

$

11.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Disbursements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Payroll

 

 

 

$

8,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales Use & Other Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventory Purchases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured/Rental/Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

S, G & A costs

 

$

570.00

 

$

327,676.00

 

 

 

$

131.00

 

$

8,973.00

 

 

 

 

 

 

 

$

478.00

 

$

-153,345.00

 

 

 

 

 

Selling

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (Attach List)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contra

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sweep to SCS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

3,203,297.00

 

 

 

 

 

 

 

Transfers (To DIP Accts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intra company sweep

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Trustee Quarterly Fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner Draw

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Court Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Disbursements

 

$

570.00

 

$

335,676.00

 

$

0.00

 

$

131.00

 

$

8,973.00

 

$

0.00

 

$

0.00

 

$

0.00

 

$

3,203,775.00

 

$

-153,345.00

 

$

0.00

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow (Receipts Less Disbursements)

 

$

-43,453.00

 

$

1,735.00

 

$

-2,786,580.00

 

$

93,172.00

 

$

8,235.00

 

$

121.00

 

$

0.00

 

$

0.00

 

$

-9,319.00

 

$

193,494.00

 

$

227.00

 

$

11.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash End of Month

 

$

57,492.00

 

$

30,011.00

 

$

48,497,786.00

 

$

109,416.00

 

$

27,876.00

 

$

6,053.00

 

$

10,793.00

 

$

27.00

 

$

152,818.00

 

$

183,449.00

 

$

1,494.00

 

$

1,231.00

 

 

3



 

 

 

Bank of

 

Societe

 

Societe

 

Commerce

 

JPMC

 

Marine

 

Bank of

 

Bank of

 

Barclays

 

 

 

 

 

Scotland

 

Generale

 

Generale

 

Bank

 

SCL Deposit

 

Midland

 

Bermuda

 

Bermuda

 

Bank

 

Current Month

 

 

 

A/C 001

 

A/C N/A

 

A/C 032

 

A/C 282

 

A./C 706

 

A/C 298.2

 

A/C 52590

 

A/C 5539

 

A/C INS & TEE

 

Actual

 

Projected

 

Cash beginning of month

 

$

0.00

 

$

600,496.00

 

$

2,846.00

 

$

0.00

 

$

32,032.00

 

$

156,050.00

 

$

17,019.00

 

$

3,246.00

 

$

490,000.00

 

$

52,922,492.00

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receipts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Accounts Receivable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Dividend

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

92,300.00

 

 

 

Sale of ships

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Foreign Exchange Revaluation

 

 

 

 

 

$

28.00

 

 

 

 

 

 

 

 

 

 

 

 

 

$

990.00

 

 

 

Interest Income

 

 

 

$

2,029.00

 

$

9.00

 

 

 

$

270.00

 

 

 

 

 

 

 

 

 

$

631,426.00

 

 

 

Sweep from SCS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Intra company sweep

 

 

 

$

-70,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Income received from Ge Seaco

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Container Rental

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

61,043.00

 

 

 

Total Receipts

 

$

0.00

 

$

-67,971.00

 

$

37.00

 

$

0.00

 

$

270.00

 

$

0.00

 

$

0.00

 

$

0.00

 

$

0.00

 

$

785,759.00

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Disbursements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Payroll

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

8,000.00

 

 

 

Loan interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Sales Use & Other Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Inventory Purchases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Secured/Rental/Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

S, G & A costs

 

 

 

 

 

 

 

$

72.00

 

$

260.00

 

 

 

$

11,031.00

 

$

1,866.00

 

 

 

$

197,712.00

 

 

 

Selling

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Other (Attach List)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Contra

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Sweep to SCS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

3,203,297.00

 

 

 

Transfers (To DIP Accts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Intra company sweep

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Professional Fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

U.S. Trustee Quarterly Fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Owner Draw

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Court Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Total Disbursements

 

$

0.00

 

$

0.00

 

$

0.00

 

$

72.00

 

$

260.00

 

$

0.00

 

$

11,031.00

 

$

1,866.00

 

$

0.00

 

$

3,409,009.00

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow (Receipts Less Disbursements)

 

$

0.00

 

$

-67,971.00

 

$

37.00

 

$

-72.00

 

$

10.00

 

$

0.00

 

$

-11,031.00

 

$

-1,866.00

 

$

0.00

 

$

-2,623,250.00

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash End of Month

 

$

0.00

 

$

532,525.00

 

$

2,883.00

 

$

-72.00

 

$

32,042.00

 

$

156,050.00

 

$

5,988.00

 

$

1,380.00

 

$

490,000.00

 

$

50,299,242.00

 

$

0.00

 

 

The Following Section Must Be Completed

 

Disbursements For Calculating U.S. Trustee Quarterly Fees (From Current Month Actual Column)

 

 

 

Total Disbursements

 

$

3,409,009.00

 

Less: Transfers To Debtor In Possession Accounts

 

$

-3,203,297.00

 

Less: Disbursements made by Sea Containers Ltd on behalf of Sea Containers Services Ltd

 

$

-114,377.00

 

Plus: Estate Disbursements Made By Outside Sources (i.e. From Escrow Accounts)

 

$

0.00

 

Total Disbursements For Calculating U.S. Trustee Quarterly Fees

 

$

91,335.00

 

 

4



 

In Re: Sea Containers Services

Cash No:

06-11156 (KJC)

 

Reporting Dates:

March 1 to March 31, 2007

 

Schedule of Cash Receipts and Disbursements in $USD

£ > $

$1.96

(Conversion rate: £ = $1.96)

 

 

 

NatWest PLC

 

Barclays Bank

 

Bank of America

 

Bank of Scotland

 

Commerce Bank

 

 

 

Current Month

 

 

 

A/C # 420

 

A/C 724

 

A/C 013

 

A/C 234

 

A/C 131

 

 

 

Actual

 

Projected

 

Cash beginning of month

 

$

0.00

 

$

0.00

 

$

137,202.18

 

$

3,659.32

 

$

50,000.00

 

$

0.00

 

$

190,861.50

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receipts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Accounts Receivable

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Interest receivable

 

 

 

 

 

 

 

$

31.36

 

 

 

 

 

$

31.36

 

 

 

Sale of Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Funding From SCL

 

 

 

 

 

$

3,203,296.60

 

 

 

 

 

 

 

$

3,203,296.60

 

 

 

Other (attach list)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Tax refund

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Total Receipts

 

$

0.00

 

$

0.00

 

$

3,203,296.60

 

$

31.36

 

$

0.00

 

$

0.00

 

$

3,203,327.96

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Disbursements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Payroll

 

 

 

 

 

$

1,026,248.16

 

 

 

 

 

 

 

$

1,026,248.16

 

 

 

Payroll Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Sales Use & Other Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Inventory Purchases

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Secured/Rental/Leases

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Pension

 

 

 

 

 

$

59,558.52

 

 

 

 

 

 

 

$

59,558.52

 

 

 

Administrative

 

 

 

 

 

$

424,144.00

 

 

 

 

 

 

 

$

424,144.00

 

 

 

Selling

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Rent

 

 

 

 

 

$

1,870,004.64

 

 

 

 

 

 

 

$

1,870,004.64

 

 

 

Other (Attach List)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Owner Draw *

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Transfers (To DIP Accts)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Sweep to SCL

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Professional Fees

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

U.S. Trustee Quarterly Fees

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Court Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.00

 

 

 

Total Disbursements

 

$

0.00

 

$

0.00

 

$

3,379,955.32

 

$

0.00

 

$

0.00

 

$

0.00

 

$

3,379,955.32

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow (Receipts Less Disbursements)

 

$

0.00

 

$

0.00

 

$

-176,658.72

 

$

31.36

 

$

0.00

 

$

0.00

 

$

-176,627.36

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash End of Month

 

$

0.00

 

$

0.00

 

$

-39,456.54

 

$

3,690.68

 

$

50,000.00

 

$

0.00

 

$

14,234.14

 

$

0.00

 

 

The Following Section Must Be Completed

Disbursements For Calculating U.S. Trustee Quarterly Fees (From Current Month Actual Column)

 

 

 

Total Disbursements

 

$

3,379,955.32

 

Less: Transfers To Debtor In Possession Accounts

 

$

0.00

 

Add: Disbursements made by Sea Containers Ltd on behalf of Sea Containers Services Ltd

 

$

114,377.00

 

Total Disbursements For Calculating U.S. Trustee Quarterly Fees

 

$

3,494,332.32

 

 

Reconciliation books to ledger

 

USD $0

 

Cash in bank at the end of the month

 

$

14,234.14

 

Petty Cash

 

$

8,780.80

 

Foreign Translation adjustment on Commerce Bank $250,000

 

$

0.00

 

Balance per Sea Containers Services Financials 31 December 2006

 

$

23,014.94

 

 

5



BANK RECONCILIATIONS

The Debtors confirm and attest that all bank reconciliations have been performed for Sea Containers Ltd. and Sea Containers Services Ltd.

Bank reconciliations are not applicable to Sea Containers Caribbean Inc. because it does not have any bank accounts.

6



Sea Containers Ltd

Balance Sheet

 

 

 

 

Unaudited

 

Unaudited

 

 

 

 

 

March 31,

 

October 15,

 

 

 

Note

 

2007

 

2006

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

$

50,299,242

 

$

50,100,986

 

Trade receivables - less allowances for doubtful accounts of $1.534 million

 

 

 

—

 

1,955,441

 

Due from related parties

 

(4)

 

8,041,387

 

13,481,857

 

Prepaid expenses and other current assets

 

 

 

3,552,078

 

1,718,439

 

Total current assets

 

 

 

61,892,707

 

67,256,723

 

 

 

 

 

 

 

 

 

Fixed assets, net

 

(5)

 

—

 

—

 

 

 

 

 

 

 

 

 

Long-term equipment sales receivable, net

 

(5)

 

—

 

—

 

Investment in group companies

 

(2)

 

 

 

—

 

Intercompany receivables

 

(3)

 

—

 

—

 

Investment in equity ownership interests

 

(6)

 

214,557,440

 

197,742,498

 

Other assets

 

(7)

 

3,076,316

 

3,424,161

 

Total assets

 

(1)

 

$

279,526,463

 

$

268,423,382

 

 

(1) Sea Containers Ltd does not produce Company only accounts. This statement of assets represents Sea Containers Group’s internal accounting, on an unaudited and uncertified basis. As of March 31, 2007, Sea Containers Ltd has not filed its form 10-K report for fiscal year ended December 31, 2005, nor has it filed form 10-Q reports for the quarters ended March 31, 2006, June 30, 2006, September 30, 2006, December 31, 2006 and March 31, 2007.  In order to facilitate the preparation of Sea Containers Ltd’s October 15, 2006 balance sheet, it was necessary to make certain assumption and estimates. The certification and audit process at December 31, 2006 year end may result in adjustments to the above stated assets. The foreign exchange rates used to translate March 31, 2007, February 28, 2007 and October 15, 2006 was $1.96, $1.96 and $1.87 respectively.

(2)  As the parent Company for the Sea Containers Group, Sea Containers Ltd has an amount of $323,377,414 recorded in its books as an investment in subsidiary companies. Sea Containers Ltd is presently undergoing an exercise to ascertain the value contained within its subsidiaries that will become available to the shareholders of Sea Containers Ltd. Management’s current view is that this investment is significantly impaired; therefore, whilst this exercise is underway, Sea Containers Ltd feels it appropriate to make full provision against the investment in subsidiaries.

(3) The Sea Containers Group has a highly complex intercompany matrix that involves a large number of amounts receivable and payable. These are held as gross figures within the individual company accounting records but are netted off for the purposes of external presentation. Sea Containers Ltd is in the process of evaluating all intercompany receivables and payables as part of its exercise to ascertain value held in subsidiary companies. Sea Containers Ltd has a net intercompany receivable from its direct and indirect subsidiaries of $648,603,144. This represents a gross intercompany receivable of $1,833,601,355 and a gross intercompany payable of $1,184,998,211. Full provision has been made against this net amount whilst the exercise to ascertain value is underway. It is possible that individual subsidiaries may have a claim against Sea Containers Ltd and the netting off exercise in Sea Containers Ltd’s accounts is not prejudicial to any such claim that a subsidiary may have.

Sea Containers Ltd has not previously included adjustments to its inter company balances that arise as a result of UK statutory reporting requirements. However during the exercise to complete the Entity Priority Model, Sea Containers Ltd undertook an extensive review of these inter company balances, which have resulted in changes to certain inter company balances previously stated on the detailed inter company schedule. These changes do not impact on the Sea Containers Ltd balance sheet, due the company’s policy to fully provide against its net inter company balances and therefore Sea Containers Ltd has not restated its previously filed monthly operating reports.

(4) The amounts due from related parties largely consist of amounts due from GE SeaCo. These represent the anticipated recovery from GE SeaCo on completion of an expected set-off agreement.

(5) Fixed assets and long-term equipment sales receivable relate to containers. On October 3, 2006, SCL transferred the majority of these containers to a Special Purpose Company wholly owned by SCL to enable refinancing of the container fleet. These containers were transferred at Net Book Value. On October 12, 2006, the remaining assets were sold to a third party.

(6) This balance consists of the carrying value of Sea Containers Ltd’s investment in GE SeaCo. GE SeaCo’s year end financial statements have now been signed and filed and Sea Containers Ltd’s investment now reflects those financial statements.

(7) $3,076,316 of the Other Assets balance represent the unamortized part of capitalised finance costs in relation to certain of Sea Containers Ltd’s senior loan notes that were outstanding at March 31, 2007. If the loan notes, which are disclosed as being due in less than one year, are repaid then the balance of the unamortized capitalised finance costs, will be released to the Statement of Operations.

7



 

 

 

 

 

Unaudited

 

Unaudited

 

 

 

 

 

March 31,

 

October 15,

 

 

 

Note

 

2007

 

2006

 

 

 

 

 

 

 

 

 

Liabilities and shareholders’ equity

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable

 

 

 

$

1,459,714

 

$

3,372,476

 

Accrued expenses

 

 

 

41,530,039

 

22,843,429

 

Current portion of long-term debt

 

(11)

 

27,244,501

 

25,926,107

 

Current portion of senior notes

 

 

 

385,182,065

 

384,938,936

 

Total current liabilities

 

 

 

455,416,319

 

437,080,948

 

 

 

 

 

 

 

 

 

Total shareholders’ equity

 

(10)

 

(175,889,856

)

(168,657,566

)

Total liabilities and shareholders’ equity

 

(8), (9)

 

$

279,526,463

 

$

268,423,382

 

 

(8) Sea Containers Ltd does not produce Company only accounts. This statement of liabilities and shareholder’s equity represents the Sea Containers Group’s internal accounting, on an unaudited and uncertified basis. As of March 31, 2007, Sea Containers Ltd has not filed its form 10-K report for fiscal year ended December 31, 2005, nor has it filed form 10-Q reports for the quarters ended March 31, 2006, June 30, 2006, September 31, 2006, December 31, 2006 and March 31, 2007.  In order to facilitate the preparation of Sea Containers Ltd’s October 15, 2006 balance sheet, it was necessary to make certain assumption and estimates. The certification and audit process at December 31, 2006 year end may result in adjustments to the above stated liabilities. The foreign exchange rates used to translate March 31, 2007, February 28, 2007 and October 15, 2006 was $1.96, $1.96 and $1.87 respectively.

(9) The United Kingdom government Pensions Regulator (which regulates employment-based pension plans in the UK and aims to protect the benefits of members of UK pension plans) has issued notices to Sea Containers Ltd on October 19, 2006 warning that the Regulator is considering exercising its powers to issue financial support directions (“FSDs”) to Sea Containers Ltd under relevant UK pensions legislation, in respect of the Sea Containers 1983 Pension Scheme (the “1983 Scheme”) and the Sea Containers 1990 Pension Scheme (the “1990 Scheme”) (together the “Schemes”).

These are multi-employer defined benefit pension plans of Sea Containers Services Ltd., a UK indirect subsidiary of Sea Containers Ltd. If FSDs are issued to Sea Containers Ltd, it may be liable to make a financial contribution to one or both of the Schemes which may be greater than the sum payable by Sea Containers Ltd in respect of pension liabilities under the terms of a support agreement between Sea Containers Ltd and Sea Containers Services Ltd. entered into in 1989 under which the UK subsidiary provides administrative services to the Sea Containers Group and other subsidiaries and is indemnified by Sea Containers Ltd for the cost of those services.

The Trustees of the Schemes or their actuary have advised Sea Containers Ltd that their current estimates of the cost of winding up the Schemes, including the cost of purchasing annuities to pay projected benefit obligations to Scheme participants, would be approximately £107 million ($201 million) for the 1983 Scheme (after giving effect to the withdrawal of a GE SeaCo SRL subsidiary from the 1983 Scheme) and approximately £27 million ($51 million) for the 1990 Scheme. These values are subject to revision.

Because the Schemes are multi-employer plans, the liabilities under them are shared among the participating companies. Sea Containers Ltd cautions, however, that these estimated costs have not been agreed by Sea Containers Ltd and that no FSDs have been issued. Sea Containers Ltd has replied to the Regulator’s warning notices and does not accept that it is reasonable or appropriate for the Regulator to issue FSDs.

(10) Shareholders’ Equity is calculated after all adjustments that have been noted in notes (1) to (9) above.  In particular, the treatment of investments in group companies and net intercompany receivables as discussed in notes (3) and (4) have a material effect on Shareholders’ Equity. Any adjustment to this policy which may arise on completion of the exercise to ascertain value held in subsidiary companies and the associated evaluation of intercompany receivables and payables may have a material impact on Shareholders’ Equity as stated.

(11) The Current portion of long term debt consists of loans from Trilogy Portfolio LLC, for a ship acquisition and Silverpoint, who made certain payments on behalf of Sea Containers Ltd to shareholders of another company.

8



SEA CONTAINERS LTD

Statement of Operations

 

 

 

 

Unaudited

 

Unaudited

 

 

 

 

 

One Month Ended

 

For the period 16 Oct

 

 

 

Note

 

March 31, 2007

 

to March 31, 2007

 

 

 

 

 

 

 

 

 

Revenue

 

(13)

 

$

2,562,502

 

$

9,000,110

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

Operating costs

 

 

 

97,086

 

962,761

 

Selling, general and administrative expenses

 

 

 

(3,131,678

)

(15,109,291

)

Professional fees

 

(15)

 

(2,347,358

)

(2,408,685

)

Charges to provide against intercompany accounts

 

(14)

 

3,715,956

 

21,548,854

 

Depreciation & amortization

 

 

 

—

 

(58,677

)

Total costs and expenses

 

 

 

(1,665,994

)

4,934,962

 

 

 

 

 

 

 

 

 

Gain or (Loss) on sale of assets

 

 

 

—

 

242,784

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

896,508

 

14,177,856

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

Interest income

 

 

 

630,656

 

1,275,614

 

Foreign exchange gains or (losses)

 

 

 

(18

)

(104,705

)

Interest expense, net of capitalized interest

 

 

 

(3,491,338

)

(19,105,193

)

 

 

 

 

 

 

 

 

Income before taxes

 

 

 

(1,964,192

)

(3,756,428

)

Income tax expense

 

 

 

(100,000

)

(551,614

)

Net loss

 

(12)

 

$

(2,064,192

)

$

(4,308,042

)

 

(12) Sea Containers Ltd does not produce Company only accounts. This statement of operations represents the Sea Containers Group’s internal accounting, on an unaudited and uncertified basis. As March 31, 2007, Sea Containers Ltd has not filed its form 10-K report for fiscal year ended December 31, 2005, nor has it filed form 10-Q reports for the quarters ended March 31, 2006, June 30, 2006, September 30, 2006, December 31, 2006 and March 31, 2007.  In order to facilitate the preparation of Sea Containers Ltd’s December 31, 2006 income statement, it was necessary to make certain assumption and estimates. The certification and audit process at December 31, 2006 year end may result in adjustments to the above stated revenues and expenses. The foreign exchange rates used to translate March 31, 2007, February 28, 2007 and October 31, 2006 was $1.96, $1.96 and $1.90 respectively.

(13) Revenue includes $2,653,500 in respect of Sea Containers Ltd’s equity interest in GE SeaCo.

(14)  Sea Containers Ltd’s policy prior to the bankruptcy filing date was to make provisions for the net receivable due from Sea Containers Ltd Group’s subsidiary companies. The provision for charges noted above relates to decreases in the net receivable balance due from group companies in the month.

The movement in net receivable balances for the month has largely been caused by a historical foreign exchange adjustment in the balance between Sea Containers Ltd and Ferry and Port Holdings Limited.

Included in February 2007 was the total balances owed to the SPC group companies. These have now been correctly allocated between the separate legal entities.

(15)  As at March 31, 2007 professional fees totalling $2,408,685 have been expensed.

9



SEA CONTAINERS SERVICES

Balance Sheet

 

 

 

 

Unaudited

 

Unaudited

 

 

 

 

 

March 31,

 

October 15,

 

 

 

Note

 

2007

 

2006

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

$

23,016

 

$

274,533

 

Trade receivables

 

 

 

56,869

 

419,162

 

Due from related parties (GE SeaCo)

 

 

 

7,221,608

 

4,805,049

 

Prepaid expenses and other current assets

 

(3)

 

4,593,907

 

14,242,003

 

Total current assets

 

 

 

11,895,401

 

19,740,747

 

 

 

 

 

 

 

 

 

Fixed assets, net

 

 

 

2,860,896

 

3,410,461

 

 

 

 

 

 

 

 

 

Investments

 

 

 

2,637,008

 

2,515,920

 

Intercompany receivables

 

(2)

 

42,871,505

 

29,746,215

 

Other assets

 

(3)

 

3,651,143

 

14,975

 

Total assets

 

(1)

 

$

63,915,953

 

$

55,428,318

 

 

(1) This statement of assets reflects Sea Containers Group’s internal accounting, on an unaudited and uncertified basis. As of March 31, 2007, Sea Containers Ltd has not filed its form 10-K report for fiscal year ended December 31, 2005, nor has it filed form 10-Q reports for the quarters ended March 31, 2006, June 30, 2006, September 30, 2006, December 31, 2006 and March 31, 2007.  In order to facilitate the preparation of Sea Containers Limited’s October 15, 2006 balance sheet, it was necessary to make certain assumption and estimates. The certification and audit process at December 31, 2006 year end may result in adjustments to the above stated assets. The foreign exchange rates used to translate March 31, 2007, February 28, 2007 and October 15, 2006 was $1.96, $1.96 and $1.87 respectively.

(2) Sea Containers Services Ltd. has net intercompany receivables of $42,871,505. This represents gross intercompany receivables of $114,417,319 and gross intercompany payables of $71,545,813. The Sea Containers Group has a highly complex intercompany accounting process. The Sea Containers Group is currently in the process of evaluating all intercompany receivables and payables as part of its exercise to ascertain value held in subsidiary companies. Whilst this exercise remains ongoing Sea Containers Services Ltd. regards it as appropriate to reflect the full intercompany receivables and payables within its Balance Sheet on a net basis but it is possible that a full or partial provision against its intercompany balances will be required on completion of the evaluation.

(3)  Following a review of Sea Container Services Ltd’s tax position, at 31 December 2006, a deferred tax asset has been recognised which relates to timing differences in claiming capital allowances. The current portion of $993,720 is held in prepaid expenses and other current assets and the long term portion of $3,645,600 is held in other assets.

10



 

 

 

 

 

Unaudited

 

Unaudited

 

 

 

 

 

March 31,

 

October 15,

 

 

 

Note

 

2007

 

2006

 

 

 

 

 

 

 

 

 

Liabilities and shareholders’ equity

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable

 

 

 

$

2,533,641

 

$

1,198,421

 

Accrued expenses

 

 

 

4,219,564

 

5,736,956

 

Current portion of long-term debt

 

 

 

1,668,977

 

1,807,527

 

Total current liabilities

 

 

 

8,422,183

 

8,742,904

 

 

 

 

 

 

 

 

 

Total shareholders’ equity

 

 

 

55,493,770

 

46,685,414

 

Total liabilities and shareholders’ equity

 

(4), (5)

 

$

63,915,953

 

$

55,428,318

 

 

(4)  This statement of liabilities reflects Sea Containers Group’s internal accounting, on an unaudited and uncertified basis.  As of March 31, 2007, Sea Containers Ltd has not filed its form 10-K report for fiscal year ended December 31, 2005, nor has it filed form 10-Q reports for the quarters ended March 31, 2006, June 30, 2006, September 30, 2006, December 31, 200 and March 31, 2007. In order to facilitate the preparation of Sea Containers Services Limited’s October 15, 2006 balance sheet, it was necessary to make certain assumption and estimates. In order to facilitate the preparation of Sea Containers Limited’s October 15, 2006 balance sheet, it was necessary to make certain assumption and estimates. The certification and audit process at December 31, 2006 year end may result in adjustments to the above stated liabilities. The foreign exchange rates used to translate March 31, 2007, February 28, 2007 and October 15, 2006 was $1.96, $1.96 and $1.87 respectively.

(5)  The United Kingdom government Pensions Regulator (which regulates employment-based pension plans in the UK and aims to protect the benefits of members of UK pension plans) has issued notices to Sea Containers Ltd. on October 19, 2006 warning that the Regulator is considering exercising its powers to issue financial support directions (“FSDs”) to Sea Containers Ltd. under relevant UK pensions legislation, in respect of the Sea Containers 1983 Pension Scheme (the “1983 Scheme”) and the Sea Containers 1990 Pension Scheme (the “1990 Scheme”) (together the “Schemes”).

These are multi-employer defined benefit pension plans of Sea Containers Services Ltd., a UK indirect subsidiary of Sea Containers Ltd. If FSDs are issued to Sea Containers Ltd., it may be liable to make a financial contribution to one or both of the Schemes which may be greater than the sum payable by Sea Containers Ltd. in respect of pension liabilities under the terms of a support agreement between Sea Containers Ltd. and Sea Containers Services Ltd. entered into in 1989 under which the UK subsidiary provides administrative services to Sea Containers Ltd. and other subsidiaries and is indemnified by Sea Containers Ltd. for the cost of those services.

The Trustees of the Schemes or their actuary have advised Sea Containers Ltd. that their current estimates of the cost of winding up the Schemes, including the cost of purchasing annuities to pay projected benefit obligations to Scheme participants, would be approximately £107 million ($201 million) for the 1983 Scheme (after giving effect to the withdrawal of a GE SeaCo SRL subsidiary from the 1983 Scheme) and approximately £27 million ($51 million) for the 1990 Scheme. These values are stated as at 31 December 2005 and are subject to revision.

Because the Schemes are multi-employer plans, the liabilities under them are shared among the participating companies. Sea Containers Ltd. cautions, however, that these estimated costs have not been agreed by Sea Containers Ltd. and that no FSDs have been issued. Sea Containers Ltd. has replied to the Regulator’s warning notices and does not accept that it is reasonable or appropriate for the Regulator to issue FSDs.   

11



 

 

 

 

 

Unaudited

 

Unaudited

 

 

 

 

 

One Month Ended

 

Period October 16, 2006

 

 

 

Note

 

March 31, 2007

 

to March 31, 2007

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

$

2,557,990

 

$

10,643,913

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

Operating costs

 

 

 

—

 

—

 

Selling, general and administrative expenses

 

 

 

(2,271,579

)

(8,087,196

)

Professional fees (formerly Reorganisation costs)

 

(7)

 

40,219

 

(504,773

)

Depreciation & amortization

 

 

 

(109,913

)

(617,107

)

Total costs and expenses

 

 

 

(2,341,273

)

(9,209,076

)

 

 

 

 

 

 

 

 

Gains on sale of assets

 

 

 

—

 

15,033

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

216,717

 

1,449,870

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

Interest income

 

 

 

31

 

84

 

Foreign exchange gains or (losses)

 

 

 

(1,772

)

(134,498

)

Interest expense, net of capitalized interest

 

 

 

(17,217

)

(82,570

)

 

 

 

 

 

 

 

 

Income before taxes

 

 

 

197,760

 

1,232,886

 

Income tax credit

 

(8)

 

—

 

5,964,852

 

Net income

 

(6)

 

$

197,760

 

$

7,197,738

 

 

(6)  This statement of operations reflects Sea Containers Group’s internal accounting, on an unaudited and uncertified basis.  As of March 31, 2007, Sea Containers Ltd has not filed its form 10-K report for fiscal year ended December 31, 2005, nor has it filed form 10-Q reports for the quarters ended March 31, 2006, June 30, 2006, September 30, 2006, December 31, 2006 and March 31, 2007. In order to facilitate the preparation of Sea Containers Services Limited’s October 15, 2006 balance sheet, it was necessary to make certain assumption and estimates. The certification and audit process at December 31, 2006 year end may result in adjustments to the above stated revenues and expenses. The foreign exchange rates used to translate March 31, 2007, February 28, 2007 and October 15, 2006 was $1.96, $1.96 and $1.90 respectively.

(7)  As at March 31, 2007 professional fees totalling $504,773 have been expensed. In March 2007 a full review was carried out on professional fee invoices received. This resulted in a credit going through the Statement of Operations for the month.

(8)  The income tax credit consists of deferred tax of $4,639,320 and current tax of $1,325,532. There has been no additional tax movement in the month ending March 31, 2007.

12



SEA CONTAINERS CARIBBEAN

Balance Sheet

 

 

 

 

Unaudited

 

Unaudited

 

 

 

 

 

March 31,

 

October 15,

 

 

 

Note

 

2007

 

2006

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

$

—

 

$

—

 

Deferred tax

 

 

 

—

 

—

 

Due from related parties

 

 

 

—

 

—

 

Prepaid expenses and other current assets

 

 

 

—

 

—

 

Total current assets

 

 

 

—

 

—

 

 

 

 

 

 

 

 

 

Fixed assets, net

 

 

 

—

 

—

 

 

 

 

 

 

 

 

 

Investments

 

 

 

—

 

—

 

Intercompany receivables

 

 

 

—

 

—

 

Other assets

 

 

 

—

 

—

 

Total assets

 

(1)

 

$

—

 

$

—

 

 

(1) This statement of assets represents Sea Containers Group’s internal accounting, on an unaudited and uncertified basis.  As of March 31, 2007, Sea Containers Ltd has not filed its form 10-K report for fiscal year ended December 31, 2005, nor has it filed form 10-Q reports for the quarters ended March 31, 2006, June 30, 2006, September 30, 2006 December 31, 2006 and March 31, 2007. The certification and audit process may result in adjustments to the above stated assets. Sea Containers Caribbean Inc. has not traded in the last twelve months.

13



 

 

 

 

 

Unaudited

 

Unaudited

 

 

 

 

 

March 31,

 

October 15,

 

 

 

Note

 

2007

 

2006

 

 

 

 

 

 

 

 

 

Liabilities and shareholders’ equity

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable

 

 

 

$

3,530,094

 

$

3,530,094

 

Accrued expenses

 

 

 

 

 

—

 

Current portion of long-term debt

 

 

 

 

 

—

 

Total current liabilities

 

 

 

3,530,094

 

3,530,094

 

 

 

 

 

 

 

 

 

Total shareholders’ equity

 

 

 

(3,530,094

)

(3,530,094

)

Total liabilities and shareholders’ equity

 

(2)

 

$

—

 

$

—

 

 

(2) This statement of liabilities represents Sea Containers Group’s internal accounting, on an unaudited and uncertified basis.  As of March 31, 2007, Sea Containers Ltd has not filed its form 10-K report for fiscal year ended December 31, 2005, nor has it filed form 10-Q reports for the quarters ended March 31, 2006, June 30, 2006, September 30, 2006 December 31, 2006 and March 31, 2007. The certification and audit process may result in adjustments to the above stated liabilities. . Sea Containers Caribbean Inc .has not traded in the last twelve months.

14



SCL Intercompany Balance As At

 

 

March 31

 

February 28

 

 

 

 

 

2007

 

2007

 

Movement

 

 

 

$

 

$

 

$

 

Receivable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SC British Isles

 

119,887,890

 

120,012,282

 

(124,392

)

SC Services

 

68,187,359

 

67,358,762

 

828,597

 

West Australia Line

 

1,222,855

 

1,222,855

 

0

 

Ferry & Port Holdings

 

906,689,254

 

910,497,667

 

(3,808,413

)

SC Finland (Ex Silja Holdings)

 

93,486,824

 

93,486,824

 

0

 

SC America Inc

 

8,595,856

 

8,625,961

 

(30,105

)

CMCI

 

2,611,781

 

2,611,781

 

0

 

SC Asia Pte

 

545,140

 

545,140

 

0

 

SeaCat 2

 

20,013,418

 

20,013,418

 

0

 

SC Australia

 

7,902,610

 

7,905,952

 

(3,342

)

Cooltainers

 

25

 

176,567

 

(176,542

)

SPC

 

121,385,980

 

121,756,694

 

(370,714

)

SPC Holdings

 

142,167,251

 

142,167,251

 

0

 

SC Brasilia

 

12,962,346

 

12,962,346

 

0

 

Mobilbox

 

182

 

182

 

0

 

Strider 2

 

4,222,504

 

4,222,504

 

0

 

Vessel Holdings 3

 

7,644,985

 

7,644,985

 

0

 

Strider 9

 

1,938,178

 

1,938,178

 

0

 

Strider 10

 

8,821,179

 

8,821,179

 

0

 

Technitank

 

600,000

 

600,000

 

0

 

Boxer 2

 

2,731,302

 

2,731,302

 

0

 

Boxer 3

 

13,419,698

 

13,419,698

 

0

 

Contender 1

 

36,712,498

 

36,712,498

 

0

 

Pacifica Ship Management

 

196,460

 

196,460

 

0

 

Nagara Tam

 

854,524

 

854,524

 

0

 

Nagara Ltd

 

1,052,675

 

1,052,675

 

0

 

Seafast Management Services

 

63,965

 

63,965

 

0

 

Paulista Containers

 

25,293,404

 

25,146,404

 

147,000

 

Brasiluvas Agricola

 

3,232,900

 

3,216,732

 

16,168

 

SC Properties

 

10,217,854

 

10,217,854

 

0

 

Vessel Holdings

 

2,390,777

 

2,390,777

 

0

 

SeaCat 4

 

18,094,927

 

18,094,927

 

0

 

SC Mauritius

 

52,102

 

52,102

 

0

 

Freight containers India

 

37,018

 

37,018

 

0

 

Super SeaCat 1

 

20,402,939

 

20,402,939

 

0

 

Super SeaCat 2

 

25,555,343

 

25,555,343

 

0

 

Super SeaCat 3

 

8,320,382

 

8,320,382

 

0

 

Super SeaCat 4

 

12,702,339

 

12,702,339

 

0

 

SeaCat Ltd

 

17,212,321

 

17,211,670

 

651

 

SeaCat 6

 

12,282,187

 

12,282,187

 

0

 

SeaCat 7

 

13,377,343

 

13,377,343

 

0

 

SC Ropax

 

3,310,671

 

3,310,671

 

0

 

Seacat Limited

 

1,826,829

 

1,826,834

 

(5

)

Fast Ferries Ltd

 

9,531,313

 

9,531,326

 

(13

)

SC Opera

 

39,055,430

 

39,050,023

 

5,407

 

SC Finnjet

 

16,287,248

 

16,262,746

 

24,502

 

SC Treasury

 

10,330,825

 

10,362,365

 

(31,540

)

SC Finland OY

 

170,464

 

170,464

 

0

 

 

 

1,833,601,355

 

1,837,124,096

 

(3,522,741

)

 

15



SCL Intercompany Balance As At

 

 

March 31

 

February 28

 

 

 

 

 

2007

 

2007

 

Movement

 

 

 

$

 

$

 

$

 

 

 

 

 

 

 

 

 

Payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Super SeaCat Italia

 

(130

)

(130

)

0

 

SC Italia Holdings

 

(66,621

)

(66,621

)

0

 

Fairways and Swinford

 

(313,802

)

(313,802

)

0

 

SC Chartering

 

(60

)

(60

)

0

 

Yorkshire Marine Containers

 

(12,730,426

)

(12,730,426

)

0

 

Illustrated London News

 

(19,812,258

)

(19,812,258

)

0

 

SC Finland Services

 

(19,239,964

)

(19,029,705

)

(210,259

)

Liverpool Dublin

 

(42

)

(42

)

0

 

Hoverspeed GB

 

(3,716,373

)

(3,716,373

)

0

 

SC UK

 

(997,802,669

)

(997,802,669

)

0

 

Burginhall 818

 

(39,202

)

(39,202

)

0

 

Mobilbox / SC Germany

 

0

 

 

 

 

 

SeaCo Parts Inc

 

(439,147

)

(439,147

)

0

 

SC Ports & Ferries

 

(80,680,292

)

(80,680,292

)

0

 

IRS pte

 

(46,963

)

(37,482

)

(9,481

)

Hyde Park Containers

 

(5,251

)

(1,134

)

(4,117

)

Melbourne Park containers

 

(210,346

)

(204,222

)

(6,124

)

IRS NZ

 

(34,661

)

(34,661

)

0

 

SC Iberia

 

(5,228,298

)

(5,447,250

)

218,952

 

Contender 2

 

(5,116,079

)

(5,116,079

)

0

 

Atlantic Maritime Services

 

(2,591,280

)

(2,591,280

)

0

 

Marine Container Insurance

 

(12,013,628

)

(11,967,467

)

(46,161

)

Societe Bananiere De Motobe

 

(1,625,043

)

(1,532,743

)

(92,300

)

SC Holdings

 

(17,873,385

)

(17,873,385

)

0

 

SC Finance Ireland

 

(5,399,334

)

(5,340,329

)

(59,005

)

SCL Activities

 

(12,957

)

(28,237

)

15,280

 

 

 

(1,184,998,211

)

(1,184,804,996

)

(193,215

)

 

 

 

 

 

 

 

 

Net

 

648,603,144

 

652,319,100

 

(3,715,956

)

 

16



SCS Intercompany Balance As At

 

 

USD      1.96

 

USD      1.96

 

 

 

 

 

 

 

Mar-31

 

Feb-28

 

Movement

 

Movement

 

 

 

2007

 

2007

 

@ 1.96

 

 

 

£

 

£

 

£

 

$ 

 

Receivable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SC British Isles

 

23,789,378

 

23,789,378

 

—

 

—

 

Ferry & Port Holdings (incl ILN)

 

1,424,011

 

1,372,352

 

51,659

 

101,252

 

ILN + Sketch

 

25,580,923

 

25,580,923

 

—

 

—

 

YMCL

 

5,069,431

 

5,042,602

 

26,829

 

52,585

 

Hart Fenton

 

1,098,141

 

1,100,167

 

(2,026

)

(3,971

)

SC Asia Pte

 

558,387

 

558,387

 

—

 

—

 

Periandros

 

447,193

 

443,861

 

3,332

 

6,531

 

Newhaven Marina

 

192,714

 

192,714

 

—

 

—

 

SC House Management

 

184,373

 

184,373

 

0

 

0

 

SC America Inc

 

29,112

 

29,112

 

—

 

—

 

Insurance Premiums to be recharged

 

2,520

 

23,922

 

(21,402

)

(41,948

)

 

 

 

 

 

 

 

 

 

 

 

 

58,376,183

 

58,317,791

 

58,392

 

114,448

 

 

 

 

 

 

 

 

 

 

 

Payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SCL

 

(34,789,469

)

(34,366,716

)

(422,754

)

(828,597

)

SC Property Services

 

(1,586,085

)

(1,586,085

)

0

 

0

 

Fairways & Swinford

 

(69,503

)

(94,477

)

24,974

 

48,948

 

SC Treasury

 

(57,909

)

(49,430

)

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

(36,502,966

)

(36,096,707

)

(397,780

)

(779,649

)

 

 

 

 

 

 

 

 

 

 

 

 

21,873,217

 

22,221,084

 

(339,388

)

(665,200

)

 

 

$

 

$

 

Receivable

 

114,417,319

 

114,302,870

 

 

 

 

 

 

 

Payable

 

(71,545,813

)

(70,749,546

)

 

 

 

 

 

 

 

 

42,871,505

 

43,553,325

 

 

17



TAX PAYMENT ATTESTATION

Taxes

Pursuant to the Exempted Undertakings Tax Protection Act (Bermuda) 1966, Sea Containers Ltd., a company incorporated under the laws of Bermuda, is not subject to any tax on profits or income, or computed on any capital asset, gain or appreciation, or any tax in the nature of estate duty or inheritance.

Sea Containers Services Ltd. has paid post-petition tax payments as due.

Payroll Taxes Withheld and Paid

All payroll taxes of Sea Containers Services Ltd. have been fully paid for the period covered by this report.

STATEMENT REGARDING INSURANCE POLICIES

All insurance policies for the Debtors have been fully paid for the period covered by this report, including workers compensation and disability insurance.

18



 In Re; Sea Containers Limited

Case No.

 

 

 

 

 

 

 

Reporting Date

 

March 31, 2007

 

Accounts Receivable Reconciliation and Aging

 

 

$

 

 

 

 

 

Total accounts receivable at the beginning of the reporting period

 

1,533,984

 

 

 

 

 

Add 

Amounts billed during the period

 

287,955

 

 

 

 

 

 

Less

Amounts collected during the period

 

(247,522

)

 

 

 

 

Other movements

 

(31,213

)

 

 

 

 

Total accounts receivable at the end of the reporting period

 

1,543,204

 

 

Accounts Receivable Ageing

0 - 30

days old

 

130,689

 

 

 

 

 

 

31 - 60

days old

 

236,709

 

 

 

 

 

 

61 - 90

days old

 

179,421

 

 

 

 

 

 

91 +

days old

 

996,385

 

 

 

 

 

Total accounts receivable

 

1,543,204

 

 

 

 

 

Amounts considered uncollectible (net)

 

(1,543,204

)

 

 

 

 

Accounts receivable net

 

—

 

 

19



 

In Re; Sea Containers Services Limited

Case No.

 

 

 

 

 

 

 

Reporting Date

 

March 31, 2007

 

Accounts Receivable Reconciliation and Aging

 

 

$

 

 

 

 

 

Total accounts receivable at the beginning of the reporting period

 

248,423

 

 

 

 

 

Add

Amounts billed during the period

 

180,522

 

 

 

 

 

 

Less

Amounts collected during the period

 

(372,075

)

 

 

 

 

Other movements

 

0

 

 

 

 

 

Total accounts receivable at the end of the reporting period

 

56,869

 

 

Accounts Receivable Ageing

0 - 30

days old

 

28,380

 

 

 

 

 

 

31 - 60

days old

 

28,489

 

 

 

 

 

 

61 - 90

days old

 

0

 

 

 

 

 

 

91 +

days old

 

0

 

 

 

 

 

Total accounts receivable

 

56,869

 

 

 

 

 

Amounts considered uncollectible (net)

 

0

 

 

 

 

 

Accounts receivable net

 

56,869

 

 

20



 

Sea Containers Ltd

Post Petition Aged Creditors listing

As at March 31, 2007

 

 

Number of days past due

 

 

 

Current

 

0 - 30

 

31 - 60

 

61 - 90

 

Total

 

 

 

$

 

$

 

$

 

$

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts Payable

 

16,279

 

—

 

—

 

131

 

16,410

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional fees

 

875,454

 

402,014

 

68,534

 

—

 

1,346,002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

891,733

 

402,014

 

68,534

 

131

 

1,362,412

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional fees are made up as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Young, Conaway

 

40,504

 

—

 

—

 

—

 

40,504

 

Carter Ledyard and Milburn

 

—

 

—

 

57,836

 

—

 

57,836

 

Morris Nichols

 

29,307

 

168,477

 

—

 

—

 

197,784

 

Bingham McCutchen

 

766,443

 

—

 

—

 

—

 

766,443

 

M Communications

 

39,200

 

41,240

 

10,698

 

—

 

91,138

 

Kirkland and Ellis

 

—

 

192,297

 

—

 

—

 

192,297

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

875,454

 

402,014

 

68,534

 

—

 

1,346,002

 

 

21



 

Sea Containers Services Ltd

Post Petition Aged Creditors listing

As at March 31, 2007

 

 

Number of days past due

 

 

 

Current

 

0 - 30

 

31 - 60

 

61 - 90

 

Total

 

 

 

$

 

$

 

$

 

$

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts Payable

 

923,266

 

417,870

 

76,236

 

176,086

 

1,593,458

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional fees

 

57,863

 

339,102

 

290,878

 

—

 

687,842

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

981,129

 

756,972

 

367,114

 

176,086

 

2,281,301

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional fees are made up as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pricewaterhouse Coopers

 

—

 

—

 

74,948

 

—

 

74,948

 

Richards Butler

 

—

 

—

 

47,767

 

—

 

47,767

 

Collinson Grant

 

57,863

 

119,519

 

89,878

 

—

 

267,260

 

Towers Perrin

 

—

 

219,583

 

78,284

 

—

 

297,867

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

57,863

 

339,102

 

290,878

 

—

 

687,842

 

 

22



DEBTORS QUESTIONNAIRE

Must be completed each month

 

Yes

 

No

1. Have any assets been sold or transferred outside normal course of business this reporting period? If yes, provide an explanation below.

 

 

 

X

2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.

 

 

 

X

3. Have all postpetition tax returns been timely filed? If no, provide an explanation below.

 

X

 

 

4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.

 

X

 

 

 

 

 

 

23