SeaCo Ltd. Announces First Liquidating Distribution of $0.65 per Common Share

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.

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