-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OUrZW4XGru/l84KrNyNeBgONnsFxy2CnuDKI5uDgtayvQz9neewpE5z/Umgbg/lz qz34UeUfayeRzrxDQsxFLQ== 0000905148-06-006550.txt : 20061103 0000905148-06-006550.hdr.sgml : 20061103 20061103135127 ACCESSION NUMBER: 0000905148-06-006550 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20061101 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20061103 DATE AS OF CHANGE: 20061103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEA CONTAINERS LTD /NY/ CENTRAL INDEX KEY: 0000088095 STANDARD INDUSTRIAL CLASSIFICATION: WATER TRANSPORTATION [4400] IRS NUMBER: 980038412 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07560 FILM NUMBER: 061186029 BUSINESS ADDRESS: STREET 1: 41 CEDAR AVE STREET 2: P O BOX HM 1179 CITY: HAMILTON HM EX BERMU STATE: D0 BUSINESS PHONE: 4412952244 MAIL ADDRESS: STREET 1: 41 CEDAR AVE STREET 2: PO BOX HM 1179 CITY: HAMILTON HM EX BERMU STATE: D0 FORMER COMPANY: FORMER CONFORMED NAME: SEA CONTAINERS ATLANTIC LTD DATE OF NAME CHANGE: 19810817 8-K 1 efc6-2643_8k.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) November 1, 2006 Sea Containers Ltd. (Exact name of registrant as specified in its charter) Bermuda 1-7560 98-0038412 - ------------------------------- ------------------------ ---------------- (State or other jurisdiction of (Commission File Number) (I.R.S. Employer incorporation) Identification No.) 22 Victoria Street, Hamilton HM 12, Bermuda --------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 441-295-2244 Not Applicable - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 1 ITEM 8.01 Other Events. Sea Containers Ltd. and its subsidiaries, Sea Containers Services Ltd. and Sea Containers Caribbean Inc., filed a consolidated cash flow forecast with the U.S. Bankruptcy Court on November 1, 2006 attached hereto as Exhibit 99.1. ITEM 9.01 Financial Statements and Exhibits. (c) Exhibits 99.1 Sea Containers Ltd, Sea Containers Services Ltd and Sea Containers Carribean Inc. - Consolidated Cash Flow Forecast (Monthly Summary) 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. SEA CONTAINERS LTD. By: /s/ Ian C. Durant --------------------------------------- Name: Ian C. Durant Title: Senior Vice President - Finance and Chief Financial Officer Date: November 3, 2006 3 EXHIBIT INDEX Exhibit Number Description - ------ ----------- 99.1 Sea Containers Ltd, Sea Containers Services Ltd and Sea Containers Carribean Inc. - Consolidated Cash Flow Forecast (Monthly Summary) 4 EX-99.1 2 efc6-2643_ex991.txt EXHIBIT 99.1 Sea Containers Ltd, Sea Containers Services Ltd and Sea Containers Carribean Inc Consolidated cash flow forecast Monthly summary ($ in millions)
------------------------------------------------------------------------------------- Forecast ------------------------------------------------------------------------------------- Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 dates-> 16 Oct to 28 Oct to 2 Dec to 30 Dec to 27 Jan to 3 Mar to 31 Mar to 28 Apr to 27 Oct 1 Dec 29 Dec 26 Jan 2 Mar 30 Mar 27 Apr 1 Jun Receipts Accounts receivable 0.1 2.0 8.9 3.8 2.5 2.7 1.9 0.8 ------------------------------------------------------------------------------------- Total receipts 0.1 2.0 8.9 3.8 2.5 2.7 1.9 0.8 ------------------------------------------------------------------------------------- Disbursements Net payroll costs 0.2 (0.8) (0.9) (0.1) (1.4) (1.7) (0.5) (0.5) Payroll taxes - - (0.3) (0.3) (0.3) (0.3) (0.3) (0.2) Property rental costs (0.1) (0.1) (1.7) (0.1) - (1.6) (0.1) (0.1) Insurance costs - (0.4) (0.2) (0.1) (0.4) (0.2) (0.1) (1.0) Other administrative & selling (0.1) (0.4) (1.5) (1.8) (1.5) (1.8) (1.3) (1.0) Capital expenditure - (0.2) - (0.1) - - - - Professional fees (0.6) (0.9) (2.8) (2.8) (3.1) (3.0) (3.0) (2.7) U.S. Trustee fees - - - (0.02) - - (0.02) - ------------------------------------------------------------------------------------- Total disbursements (0.6) (2.9) (7.4) (5.4) (6.7) (8.4) (5.3) (5.5) ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Net cashflow (0.5) (0.9) 1.5 (1.6) (4.2) (5.8) (3.5) (4.8) Opening cash 49.7 49.1 48.2 49.8 48.1 43.9 38.2 34.7 ------------------------------------------------------------------------------------- Closing cash 49.1 48.2 49.8 48.1 43.9 38.2 34.7 29.9 ===================================================================================== ---------------------------------------------------- Forecast ---------------------------------------------------- Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 dates-> 2 Jun to 30 Jun to 28 Jul to 1 Sep to 29 Sep to 29 Jun 27 Jul 31 Aug 28 Sep 2 Nov Receipts Accounts receivable 0.3 0.4 0.2 0.8 0.4 ---------------------------------------------------- Total receipts 0.3 0.4 0.2 0.8 0.4 ---------------------------------------------------- Disbursements Net payroll costs (0.6) (0.1) (1.0) (1.5) (0.9) Payroll taxes (0.2) (0.2) (0.2) (0.2) (0.2) Property rental costs (1.7) (0.1) (0.1) (1.7) (0.1) Insurance costs - (0.1) (0.1) (0.2) (0.1) Other administrative & selling (1.0) (0.9) (1.0) (1.0) (1.0) Capital expenditure - - - - - Professional fees (2.6) (9.4) (0.9) (0.7) (0.7) U.S. Trustee fees - (0.02) - - (0.02) ---------------------------------------------------- Total disbursements (6.1) (10.8) (3.2) (5.2) (3.0) ---------------------------------------------------- ---------------------------------------------------- Net cashflow (5.8) (10.5) (3.0) (4.4) (2.6) Opening cash 29.9 24.1 13.6 10.6 6.2 ---------------------------------------------------- Closing cash 24.1 13.6 10.6 6.2 3.6 ====================================================
Notes 1. Certain assets of the Debtors and their non-debtor subsidiaries may be sold during the next twelve months which may result in additional available cash for the Debtors. The sale of these assets are not included in the above cashflow due to the uncertainty of both timing and value of sale. The Debtors' current estimate of the net realisable value of these assets, after repayment of any secured debt and payment of any transaction costs, that may be realised over this time period is approximately $70m to $140m. This valuation is subject to change and it is not clear at this stage whether these proceeds will be available to the Debtors. 2. No funding for subsidiary operations is included, on the basis that this will require further court approval. 3. The Creditors' Committee's professionals have not yet been retained, however, the cashflow includes anticipated fees in relation to these professionals. 4. Material changes to the cashflow statement are likely should the restructuring process continue for longer than anticipated. -----END PRIVACY-ENHANCED MESSAGE-----