HAMILTON, Bermuda, March 18, 2013 /PRNewswire/ -- SeaCo Ltd.
(OTC: SEAOF) (the "Company" or "SeaCo") announced that its Board of
Directors had declared a second liquidating distribution of
$0.05 per common share, which will be
paid on April 10, 2013, to
shareholders of record at the close of business on April 1, 2013. The aggregate distribution will
total approximately $33 million based
on the number of shares of common stock currently outstanding. This
liquidating distribution will be made pursuant to the Plan of
Liquidation of SeaCo Ltd., approved by the Company's stockholders
on August 17, 2011.
The liquidating distribution announced today represents a
partial distribution of proceeds totaling approximately
$34 million that SeaCo has received
from a trust established under the Plan of Reorganization of Sea
Containers Ltd. ("Sea Containers") that was funded with SeaCo
shares for possible distribution to certain claimants against Sea
Containers. These proceeds represent the return of certain
distributions made by the Company to the trust in January 2012, on account of approximately 53
million SeaCo shares then held by the trust, which have since been
canceled. Following the cancellation of these shares,
approximately 661 million shares remain outstanding.
Substantially all of the Company's assets were sold in December
2011. Pursuant to the terms of the sale, approximately
$41 million of the sale proceeds were
placed into escrow. To SeaCo's knowledge, no claims have been
made upon the escrowed amount.
About SeaCo Ltd.
SeaCo Ltd. is a Bermuda based
shipping container investment and leasing group, which was formed
in February 2009 to hold the existing
container leasing investments of Sea Containers Ltd., 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.
