EX-99.3 4 efc6-2920_ex993.txt Exhibit 99.3 First Monthly Operating Report
UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELWARE ------------------------------------------------------------ --------------------------------------------------------- In re: Sea Containers Ltd, et al. Case No. 06-11156(KJC) Reporting Period: October 15, 2006 - October 31, 2006 ------------------------------------------------------------ ---------------------------------------------------------
MONTHLY OPERATING REPORT File with Court and submit copy to United Staes Trustee within 20 days after end of month Submit copy of report to any official committee appointed in the case. ------------------------------------------------------------------ ----------------- ------------- ---------------- Documents ____________ REQUIRED DOCUMENTS FORMS No. Attached Attached ------------------------------------------------------------------ ----------------- ------------- ---------------- Schedule of Cash Receipts and Disbursements MOR-1 X ------------------------------------------------------------------ ----------------- ------------- ---------------- Bank Reconciliation (or copies of debtor's bank MOR-1 (CONT) X reconciliations) ------------------------------------------------------------------ ----------------- ------------- ---------------- Copies of bank statements ------------------------------------------------------------------ ----------------- ------------- ---------------- Cash Disbursements journals ------------------------------------------------------------------ ----------------- ------------- ---------------- Statements 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 accoutns 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 an dcorrect to the best of my knowledge and belief. /s/ Sea Containers Ltd. ---------------------------------------- Signature of Debtor Date Dec 13 2006 ---------------------------------------- Signature of Joint Debtor Date Dec 13 2006 /s/ ---------------------------------------- Signature of Authorized Individual* Date Dec 13 2006 /s/ IAN CHARLES DURANT ---------------------------------------- Printed Name of Authorized Individual Title of Authorized Individual. *Authorized individual must be an officer, director or shareholder if debtor is a corporate, a partner if debtor is a partnership, a manager or member if deb tor is a limited liability company. SEA CONTAINERS LTD., et al INDEX TO MONTHLY OPERATING REPORT Description Pages ----------- ----- General Notes...............................................................1-2 Schedule of Cash Receipts and Disbursements for Sea Containers Ltd. listing bank accounts details with month end period balances................3-4 Schedule for 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..................15-17 Schedule of Intercompany Activity for Sea Containers Services Ltd............18 Tax Attestation..............................................................19 Statement Regarding Insurance Policies.......................................19 Schedule of Accounts Receivables and Aging for Sea containers Ltd............20 Schedule of Accounts Receivable and Aging for Sea Containers Ltd.............21 Debtor Questionnaire.........................................................22 SEA CONTAINERS LTD., et al MONTHLY OPERATING REPORT, OCTOBER 2006 NOTES TO MONTHLY OPERATING REPORT General ------- For financial reporting purposes, Sea Containers Ltd. prepared consolidated financial statements relating to Sea Containers Ltd. and its affiliates and subsidiaries (the "Sea Containers Group") that are filed with the Securities and Echange 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. 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 represents the dcompany's internal accounting, on an unaudited and uncertified basis. As of October 31, 2006, Sea Containers Ltd. has not filed its form 10-K report for discal 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, 2005 (the "Petition Date"), Sea Containers Ltd., Sea Container Services Ltd. and Sea Containers Caribbean Inc. (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 (the "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 Bajkruptcy Court, the Debtors are prohibited from paying pre-petitoin 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 transaction 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: o Consolidating Schedule of Cash Receipts and Disbursements by Debtor. o 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. 1 o Balance Sheets for Each Debtor. o Schedules of the intercompany activity. o Income Statements for each Debtor.(1) o Schedule of Post-Petition fiduciary taxes - Provide Attestation that all taxes are current. o Schedule of Unpaid Post-Petition Debts.(2) o Schedule of Accounts Receivable and Aging. o 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) The Debtors do not have any unpaid post-petition debt for the period of this report. Accordingly, the Debtors have not prepared such a schedule for this report. 2
Sea Containers Limited ---------------------- Reporting Dates: 10.31.06 ---------- Schedule of Cash Receipts and Disbursements ----------------------------------------------------------------------------------------------------------------------------------- JP Morgan JP Morgan JP Morgan JP Morgan JP Morgan JP Morgan NatWest A/C 704 A/C 702 A/C 705 A/C 501 A/C 705 A/C 382 A/C 886 ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- Cash beginning of Month $40,906.00 $0.00 $0.00 $79,367.00 $15,302.00 $40,700.00 $6,749.00 ----------------------------------------------------------------------------------------------------------------------------------- Receipts ----------------------------------------------------------------------------------------------------------------------------------- Cash Sales ----------------------------------------------------------------------------------------------------------------------------------- Accounts Receivable ----------------------------------------------------------------------------------------------------------------------------------- Loans and Advances ----------------------------------------------------------------------------------------------------------------------------------- Sale of Assets ----------------------------------------------------------------------------------------------------------------------------------- Foreign Exchange Revaluation $2474.00 ----------------------------------------------------------------------------------------------------------------------------------- Interest Income ----------------------------------------------------------------------------------------------------------------------------------- Sweep Movements ----------------------------------------------------------------------------------------------------------------------------------- Other (attach list) ----------------------------------------------------------------------------------------------------------------------------------- Transfers (From DIP Accts) ----------------------------------------------------------------------------------------------------------------------------------- Container Rental $94,089.00 $23,340.00 $730,566.00 ----------------------------------------------------------------------------------------------------------------------------------- Total Reciepts $94,089.00 $0.00 $0.00 $2,474.00 $23,340.00 $0.00 $730,566.00 ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- Disbursements ----------------------------------------------------------------------------------------------------------------------------------- Net Payroll ----------------------------------------------------------------------------------------------------------------------------------- Payroll Taxes ----------------------------------------------------------------------------------------------------------------------------------- Sales Use & Other Taxes ----------------------------------------------------------------------------------------------------------------------------------- Inventory Purchases ----------------------------------------------------------------------------------------------------------------------------------- Secured/Rental/Leases ----------------------------------------------------------------------------------------------------------------------------------- Insurance ----------------------------------------------------------------------------------------------------------------------------------- Administrative ----------------------------------------------------------------------------------------------------------------------------------- Selling ----------------------------------------------------------------------------------------------------------------------------------- Other (Attach List) ----------------------------------------------------------------------------------------------------------------------------------- Bank Charges ----------------------------------------------------------------------------------------------------------------------------------- Owner Draw* ----------------------------------------------------------------------------------------------------------------------------------- Transfers (To DIP Accts) ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- Professional Fees ----------------------------------------------------------------------------------------------------------------------------------- U.S. Trustee Quarterly Fees ----------------------------------------------------------------------------------------------------------------------------------- Court Costs ----------------------------------------------------------------------------------------------------------------------------------- Total Disbursements $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- Net Cash Flow (Receipts Less Disbursements) $94,089.00 $0.00 $0.00 $2,474.00 $23,340.00 $0.00 $730,566.00 ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- Cash End of Month $134,995.00 $0.00 $0.00 $81,841.00 $38,642.00 $40,700.00 $737,315.00 ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------- Bank of Bank of Bank of Bank of Bank of Societe Barclays America America Scotland Scotland Scotland Generale A/C399 A/C 015 A/C 023 A/C USD01 A/C 242 A/C 001 A/C N/A ----------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------- Cash beginning of Month $27.00 $91,496.00 $0.00 $435.00 $1,168.00 $0.00 $48,915,946.00 ----------------------------------------------------------------------------------------------------------------------------- Receipts ----------------------------------------------------------------------------------------------------------------------------- Cash Sales ----------------------------------------------------------------------------------------------------------------------------- Accounts Receivable ----------------------------------------------------------------------------------------------------------------------------- Loans and Advances ----------------------------------------------------------------------------------------------------------------------------- Sale of Assets ----------------------------------------------------------------------------------------------------------------------------- Foreign Exchange Revaluation ----------------------------------------------------------------------------------------------------------------------------- Interest Income $125,803.00 ----------------------------------------------------------------------------------------------------------------------------- Sweep Movements $974,419.00 ----------------------------------------------------------------------------------------------------------------------------- Other (attach list) ----------------------------------------------------------------------------------------------------------------------------- Transfers (From DIP Accts) ----------------------------------------------------------------------------------------------------------------------------- Container Rental ----------------------------------------------------------------------------------------------------------------------------- Total Reciepts $0.00 $974,419.00 $0.00 $0.00 $0.00 $0.00 $125,803.00 ----------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------- Disbursements ----------------------------------------------------------------------------------------------------------------------------- Net Payroll ----------------------------------------------------------------------------------------------------------------------------- Payroll Taxes ----------------------------------------------------------------------------------------------------------------------------- Sales Use & Other Taxes ----------------------------------------------------------------------------------------------------------------------------- Inventory Purchases ----------------------------------------------------------------------------------------------------------------------------- Secured/Rental/Leases ----------------------------------------------------------------------------------------------------------------------------- Insurance ----------------------------------------------------------------------------------------------------------------------------- Administrative ----------------------------------------------------------------------------------------------------------------------------- Selling ----------------------------------------------------------------------------------------------------------------------------- Other (Attach List) ----------------------------------------------------------------------------------------------------------------------------- Bank Charges ----------------------------------------------------------------------------------------------------------------------------- Owner Draw* ----------------------------------------------------------------------------------------------------------------------------- Transfers (To DIP Accts) ----------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------- Professional Fees ----------------------------------------------------------------------------------------------------------------------------- U.S. Trustee Quarterly Fees ----------------------------------------------------------------------------------------------------------------------------- Court Costs ----------------------------------------------------------------------------------------------------------------------------- Total Disbursements $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ----------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------- Net Cash Flow (Receipts Less Disbursements) $0.00 $974,419.00 $0.00 $0.00 $0.00 $0.00 $125,803.00 ----------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------- Cash End of Month $27.00 $1,065,915.00 $0.00 $435.00 $1,168.00 $0.00 $49,041,749.00 ----------------------------------------------------------------------------------------------------------------------------- * Compensation To Sole Proprietors For Services Rendered To Bankruptcy Estate
------------------------------------------------------------------------------------------------------------ Disbursements For Calculating U.S. Trustee Quarterly Fees (From Current Month Actual Column) ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ Total Disbursements $124,323.00 ------------------------------------------------------------------------------------------------------------ Less: Transfers To Debtor In Possession Accounts $0.00 ------------------------------------------------------------------------------------------------------------ Plus: Estate Disbursements Made By Outside Sources (i.e. From Escrow Accounts) $0.00 ------------------------------------------------------------------------------------------------------------ Total Disbursements For Calculating U.S. Trustee Quarterly Fees $124,323.00 ------------------------------------------------------------------------------------------------------------ Note: The Debtors believe that disbursements between Sea Containers Ltd. and Sea Container Services Ltd. so that the other entity can make disbursements should not be counted twice as disbursements in calculating the U.S. Trustee Quarterly Fees. 3
Sea Containers Limited ----------------------
----------------------------------------------------------------------------------------------------------------------------------- Societe Commerce JPMC Marine Bank of Bank of Generale Bank SCL Deposit Midland Bermuda Bermuda A/C 032 A/C 282 A./C 706 A/C 298.2 A/C 52590 A/C 5539 ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- Cash beginning of Month $2,719.00 $250,970.00 $32,148.00 $131,885.00 $27,029.00 $1,865.00 ----------------------------------------------------------------------------------------------------------------------------------- Receipts ----------------------------------------------------------------------------------------------------------------------------------- Cash Sales ----------------------------------------------------------------------------------------------------------------------------------- Accounts Receivable ----------------------------------------------------------------------------------------------------------------------------------- Loans and Advances ----------------------------------------------------------------------------------------------------------------------------------- Sale of Assests ----------------------------------------------------------------------------------------------------------------------------------- Foreign Exchange Revaluation ----------------------------------------------------------------------------------------------------------------------------------- Interest Income ----------------------------------------------------------------------------------------------------------------------------------- Sweep Movements ----------------------------------------------------------------------------------------------------------------------------------- Other (attach list) ----------------------------------------------------------------------------------------------------------------------------------- Transfers (From DIP Accts) ----------------------------------------------------------------------------------------------------------------------------------- Container Rental $19,861.00 ----------------------------------------------------------------------------------------------------------------------------------- Total Reciepts $0.00 $0.00 $0.00 $19,861.00 $0.00 $0.00 ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- Disbursements ----------------------------------------------------------------------------------------------------------------------------------- Net Payroll ----------------------------------------------------------------------------------------------------------------------------------- Payroll Taxes ----------------------------------------------------------------------------------------------------------------------------------- Sales Use & Other Taxes ----------------------------------------------------------------------------------------------------------------------------------- Inventory Purchases ----------------------------------------------------------------------------------------------------------------------------------- Secured/Rental/Leases ----------------------------------------------------------------------------------------------------------------------------------- Insurance ----------------------------------------------------------------------------------------------------------------------------------- Administrative ----------------------------------------------------------------------------------------------------------------------------------- Selling ----------------------------------------------------------------------------------------------------------------------------------- Other (Attach List) ----------------------------------------------------------------------------------------------------------------------------------- Bank Charges ----------------------------------------------------------------------------------------------------------------------------------- Owner Draw* ----------------------------------------------------------------------------------------------------------------------------------- Transfers (To DIP Accts) ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- Professional Fees ----------------------------------------------------------------------------------------------------------------------------------- U.S. Trustee Quarterly Fees ----------------------------------------------------------------------------------------------------------------------------------- Court Costs ----------------------------------------------------------------------------------------------------------------------------------- Total Disbursements $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- Net Cash Flow (Receipts Less Disbursements) $0.00 $0.00 $0.00 $19,661.00 $0.00 $0.00 ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- Cash End of Month $2,719.00 $250,970.00 $32,148.00 $151,546.00 $27,029.00 $1,865.00 ----------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------- Barclays Current Month Cumulative Filing to Date Bank A/C INS & TEE Actual Projected Actual Projected --------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------- Cash beginning of Month $467,500.00 $50,106,012.00 $0.00 $50,106,012.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- Receipts --------------------------------------------------------------------------------------------------------------------------- Cash Sales $0.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- Accounts Receivable $0.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- Loans and Advances $0.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- Sale of Assests $0.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- Foreign Exchange Revaluation $7,500.00 $9,974.00 $9,974.00 --------------------------------------------------------------------------------------------------------------------------- Interest Income $125,803.00 $125,803.00 --------------------------------------------------------------------------------------------------------------------------- Sweep Movements $974,419.00 $974,419.00 --------------------------------------------------------------------------------------------------------------------------- Other (attach list) $0.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- Transfers (From DIP Accts) $0.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- Container Rental $867,856.00 $867,856.00 --------------------------------------------------------------------------------------------------------------------------- Total Reciepts $7,500.00 $1,978,052.00 $0.00 $1,978,052.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------- Disbursements --------------------------------------------------------------------------------------------------------------------------- Net Payroll $0.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- Payroll Taxes $0.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- Sales Use & Other Taxes $0.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- Inventory Purchases $0.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- Secured/Rental/Leases $0.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- Insurance $0.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- Administrative $0.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- Selling $0.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- Other (Attach List) $0.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- Bank Charges $0.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- Owner Draw* $0.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- Transfers (To DIP Accts) $0.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- $0.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- Professional Fees $0.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- U.S. Trustee Quarterly Fees $0.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- Court Costs $0.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- Total Disbursements $0.00 $0.00 $0.00 $0.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------- Net Cash Flow (Receipts Less Disbursements) $7,500.00 $1,978,052.00 $0.00 $1,978,052.00 $0.00 --------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------- Cash End of Month $475,000.00 $52,084,064.00 $0.00 $52,084,064.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------
4
Sea Containers Services Limited ------------------------------- Reporting Dates: 10.31.06 ----------------- Schedule of Cash Receipts and Disbursements in $USD ----------------------------------------------------------------------------------------------------------------------------- Bank of NatWest PLC Barclays Bank Bank of America Scotland Commerce Bank A/C # 420 A/C 724 A/C 013 A/C 234 A/C 131 ----------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------- Cash beginning of Month $294.00 $9,029.00 $0.00 $3,504.00 $250,000.00 ----------------------------------------------------------------------------------------------------------------------------- Receipts ----------------------------------------------------------------------------------------------------------------------------- Cash Sales ----------------------------------------------------------------------------------------------------------------------------- Accounts Receivable ----------------------------------------------------------------------------------------------------------------------------- Loans and Advances ----------------------------------------------------------------------------------------------------------------------------- Sale of Assets ----------------------------------------------------------------------------------------------------------------------------- Funding From SCL $112,000.00 ----------------------------------------------------------------------------------------------------------------------------- Other (attach list) ----------------------------------------------------------------------------------------------------------------------------- Transfers (From DIP Accts) ----------------------------------------------------------------------------------------------------------------------------- Total Receipts $0.00 $0.00 $112,000.00 $0.00 $0.00 ----------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------- Disbursements ----------------------------------------------------------------------------------------------------------------------------- Net Payroll $294.00 $9,029.00 $3,000.00 ----------------------------------------------------------------------------------------------------------------------------- Payroll Taxes ----------------------------------------------------------------------------------------------------------------------------- Sales Use & Other Taxes ----------------------------------------------------------------------------------------------------------------------------- Inventory Purchases ----------------------------------------------------------------------------------------------------------------------------- Secured/Rental/Leases ----------------------------------------------------------------------------------------------------------------------------- Insurance ----------------------------------------------------------------------------------------------------------------------------- Administrative ----------------------------------------------------------------------------------------------------------------------------- Selling ----------------------------------------------------------------------------------------------------------------------------- Rates (Real Estate Tax) $112,000.00 ----------------------------------------------------------------------------------------------------------------------------- Other (Attach List) ----------------------------------------------------------------------------------------------------------------------------- Owner Draw* ----------------------------------------------------------------------------------------------------------------------------- Transfers (To DIP Accts) ----------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------- Professional Fees ----------------------------------------------------------------------------------------------------------------------------- U.S. Trustee Quarterly Fees ----------------------------------------------------------------------------------------------------------------------------- Court Costs ----------------------------------------------------------------------------------------------------------------------------- Total Disbursements $294.00 $9,029.00 $115,000.00 $0.00 $0.00 ----------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------- Net Cash Flow (Receipts Less Disbursements) -$294.00 -$9,029.00 -$3,000.00 $0.00 $0.00 ----------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------- Cash End of Month $0.00 $0.00 -$3,000.00 $3,504.00 $250,000.00 ----------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- Current Month Cumulative Filing to date Actual Projected Actual Projected ---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- Cash beginning of Month $262,827.00 $0.00 $262,827.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- Receipts ---------------------------------------------------------------------------------------------------------------------------------- Cash Sales $0.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- Accounts Receivable $0.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- Loans and Advances $0.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- Sale of Assets $0.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- Funding From SCL $112,000.00 $112,000.00 ---------------------------------------------------------------------------------------------------------------------------------- Other (attach list) $0.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- Transfers (From DIP Accts) $0.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- Total Receipts $0.00 $112,000.00 $0.00 $112,000.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- Disbursements ---------------------------------------------------------------------------------------------------------------------------------- Net Payroll $12,323.00 $12,323.00 ---------------------------------------------------------------------------------------------------------------------------------- Payroll Taxes $0.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- Sales Use & Other Taxes $0.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- Inventory Purchases $0.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- Secured/Rental/Leases $0.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- Insurance $0.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- Administrative $0.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- Selling $0.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- Rates (Real Estate Tax) $112,000.00 $112,000.00 ---------------------------------------------------------------------------------------------------------------------------------- Other (Attach List) $0.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- Owner Draw $0.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- Transfers (To DIP Accts) $0.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- $0.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- Professional Fees $0.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- U.S. Trustee Quarterly Fees $0.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- Court Costs $0.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- Total Disbursements $0.00 $124,323.00 $0.00 $124,323.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- Net Cash Flow (Receipts Less Disbursements) $0.00 -$12,323.00 $0.00 -$12,323.00 $0.00 ---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- Cash End of Month $0.00 $250,504.00 $0.00 $250,504.00 $0.00 ----------------------------------------------------------------------------------------------------------------------------------
* Compensation To Sole Proprietors For Services Rendered To Bankruptcy Estate
-------------------------------------------------------------------------------------------------------------------------------- Disbursements For Calculating U.S. Trustee Quarterly Fees (From Current Month Actual Column) -------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------- Total Disbursements $124,323.00 -------------------------------------------------------------------------------------------------------------------------------- Less: Transfers To Debtor In Possession Accounts $0.00 -------------------------------------------------------------------------------------------------------------------------------- Plus: Estate Disbursements Made By Outside Sources (i.e. From Escrow Accounts) $0.00 -------------------------------------------------------------------------------------------------------------------------------- Total Disbursements For Calculating U.S. Trustee Quarterly Fees $124,323.00 --------------------------------------------------------------------------------------------------------------------------------
Note: The Debtors believe that disbursements between Sea Containers Ltd. and Sea Container Services Ltd. so that the other entity can make disbursements should not be counted twice as disbursements in calculating the U.S. Trustee Quarterly Fees. Reconciliation books to ledger USD $0 ------------------------------ ------ Cash in bank at the end of the month $250,504.00 Petty Cash $14,407.00 Foreign Translation adjustment on Commerce Bank $250,000 $6,758.00 -------------------- Balance per Sea Containers Services Financials October 31, 2006 $271,669.00 ==================== 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 LIMITED BALANCE SHEET Unaudited Unaudited -------------- --------------- Note October 31, September 30, 2006 2006 ---------- -------------- --------------- Assets Current assets Cash and cash equivalents $ 52,084,064 $ 41,765,342 Trade receivables - less allowances for doubtful accounts of $1.773 million 1,197,118 1,239,265 Due from related parties (4) 10,077,614 9,751.096 Prepaid expenses and other current assets 4,369,498 1,240,709 -------------- --------------- Total current assets 67,728,294 53,996,412 Fixed assets, net (5) - 56,726,547 Long-term equipment sales receivables, net (5) - 17,467,972 Investment in group companies (2) - - Intercompany receivables (3) - - Investment in equity ownership interests (6) 199,120,137 196,477,948 Other assets (7) 3,454,797 5,298,877 -------------- --------------- Total assets (1) $ 270,303,229 $ 329,967,755 ============== ===============
(1) Sea Containers Limited does not produce company only accounts. This statement of assets represents the Sea containers Group's internal accounting, on an unaudited and uncertified basis. As of October 31, 2006, Sea Containers Ltd, has not filed its form 10-K report for fiscal year ended December 31, 2005, nor has it field form 10-Q reports for the quarters ended march 31, 2006, June 30, 2006 and September 30, 2006. The certification and audit process may result in adjustments to the above stated assets. (2) As the parent cmopany 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. The Sea Containers Group is presently undergoing an exercise to ascertain the value contained within its subsidiaries. Management's current view is that this investment is significantly impaired; therefore, whilst this exercise is underway, Sea Containers Ltd feels it appropriatee to make full provision against the investment in subsidiaries. (3) The Sea Containers Group has a highly compolex intercompany matrix that involves a large number of amounts receivable and payable. These are held as gross figues within the individual company accounting records but are netted off for the purposes of external presentation. The Sea Containers Group is in the process of evaluating all intercompany receivables and payables as part of its exercise to ascertain value held in subsidiary companies. See Containers Ltd. has a net intercompany receivable from its direct and indirect subsidiaries of $598,205,531. This represents a gross intercompany payable of $1,135,243,575 and a gross intercompany receivable of $1,733,449,106. Full provision has been made against this net amount whilst the exercise to ascertain value is underway. It si possible that individual subsidiaries may have a claim against Sea Containers Ltd. and the netting off exercise in Sea Container Ltd.'s accounts is not prejudicial to any such claim that a subsidiary may have. (4) The amounts due from related parties largely consist of an amount due from GE SeaCo SRL ("GE SeaCo"). This amount represents the anticipated recovery from GE SeaCo on completion of an expected set-off agreement which is currently being negotiated between Sea Containers Ltd., Sea Containers Group companies and GE SeaCo and its affiliate companies. (5) Fixed assets and long-term equipment sales receivable realted to containers. On October 3, 2006, Sea Containers Ltd. transferred the majority of these containers to a Special Purpose Company wholly owned by Sea Containers Ltd. 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 almost entirely consists of the carrying value of the Sea Containers Ltd.'s investment in GE SeaCo. (7) $3,45 million of the Other Assets balance represent the unamoritized part of capitalized finance costs in relation to certain of Sea Containers Ltd.'s facilities that were repaid on October 3, 2006, at which time this asset was written off. 7
SEA CONTAINERS LIMITED BALANCE SHEET Unaudited Unaudited ---------------- ---------------- Note October 31, September 30, 2006 2006 --------- ---------------- ---------------- Liabilities and shareholder's equity Current liabilities Account payable $ 14,462 $ 1,013,982 Accrued expenses 24,978,283 24,117,831 Current portion of long-term debt 26,042,311 34,936,583 Current portion of senior notes 385,040,923 384,706,801 ---------------- ---------------- Total current liabilities 436,075,980 444,775,198 Total shareholders' equity (10) (165,772,752) (114,807,443) ---------------- ---------------- Total liabilities and shareholders' equity (8), (9) $ 270,303,228 $ 329,967,755 ================ ================
(8) Sea Containers Ltd. does not produce company only accounts. This statement of liabilities and shareholders' equity represents the Sea Containers Group's internal accounting on an unaudited and uncertified basis. As of October 31, 2006, Sea Containers Group has not filed its form 10-K report has not filed its form 10-K report for fiscal year ended December 31, 2005, nor has it field form 10-Q reports for the quarters ended March 31, 2006, June 30, 2006 and eptember 31, 2006. The certification and audit process may result in adjustments to the above stated liabilities and shareholders' equity. (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 19990 Pension Scheme (the "1990 Scheme") (together the "Schemes") These are multi-employer defined benefit pension plans of Sea Containers Services Ltd., a UK 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 Sea Containers Services Ltd. 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 (pound)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 (pound)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. is considering its reply 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. 8
SEA CONTAINERS LIMITED STATEMENT OF OPERATIONS Unaudited ------------------------- For the One Month End Note October 31, 2006 ------- ------------------------- Revenue (12) $ 2,938,790 Costs and expenses: Operating costs 407,541 Selling, general and administrative expenses (8,560,523) Charges to provide against intercompany accounts (13) (39,630,334) Depreciation & amortization 58,700 ------------------------- Total costs and expenses (47,724,616) ------------------------- Loss on sale of assets (1,681,276) ------------------------- Operating (loss) income (46,467,102) Other income (expense) Interest income 141,572 Foreign exchange gains or (losses) 26,875 Interest expense, net of capitalized interest (4,554,537) ------------------------- (Loss) income before taxes (50,853,192) Income tax expense (100,000) ------------------------- Net (loss) (11) $ (50,953,192) =========================
(11) 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 of October 31, 2006, 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 30, 2006. The certification and audit process may result in adjustments to the above stated net loss. (12) Revenue includes $2,879,000 in respect of the Sea Containers Ltd.'s equity interest in GE SeaCo. (13) Sea Containers Ltd.'s policy prior to the bankruptcy filing date was to make provisions for the net receivable due from subsidiary companies of Sea Containers Ltd. The provision for charges noted above relates to increases in the net receivable balance due from subsidiary companies in the month. The increase in that receivable balance largely arose from four sources. The first was the $15.9m repayment of container debt owed by a subsidiary company but guaranteed by Sea Containers Ltd. The second was the advance of $10.5m to a subsidiary company wholly owned by Sea Containers Ltd to maintain the operating integrity of certain subsidiary companies valuable to Sea Containers Ltd.. The third amount of $1 l .1 m relates to funding of the sister debtor company, Sea Containers Services Ltd., which incurs administrative costs on behalf of Sea Containers Ltd. The fourth is a net $4.5m payment of the debt mortgaged on a ship owed by a subsidiary as part of a process to enable that ship to be sold for future value to Sea Containers Ltd. 9
SEA CONTAINERS SERVICES LIMITED BALANCE SHEET Unaudited Unaudited ---------------- ---------------- October 31, September 30, Note 2006 2006 --------- ---------------- ---------------- Assets Current assets Cash and cash equivalents $ 271,669 $ 11,126 Trade receivables 475,166 878,582 Due from related parties 5,772,379 3,950,785 Prepaid expenses and other current assets 11,455,103 2,731,517 ---------------- ---------------- Total current assets 17,974,318 7,572,010 Fixed assets, net 3,324,754 3,547,684 Investments 2,556,283 2,515,921 Intercompany receivables (2) 34,081,044 45,799,756 Other assets 14,293 15,823 ---------------- ---------------- Total assets (1) $ 57,950,692 $ 59,451,195 ================ ================
(1)This statement of assets reflects the Sea Containers Group's internal accounting, on an unaudited and uncertified basis. As of October 31, 2006, 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 30, 2006. The certification and audit process may result in adjustments to the above stated assets. The foreign exchange rate used to translate October 31, 2006 and September 30, 2006 was $1.90 and $1.87 respectively. (2) Sea Containers Services Ltd. has net intercompany receivables of $34,081,044. This represents gross intercompany receivables of $114,379,545 and gross intercompany payables of $80,298,500. 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. 10
SEA CONTAINERS SERVICES LIMITED BALANCE SHEET Unaudited Unaudited ------------------- ------------------- October 31, September 30, Note 2006 2006 ---------- ------------------- ------------------- Liabilities and shareholders' equity Current liabilities Accounts payable $ 53,866 $ 4,099,044 Accrued payable 5,734,918 4,253,855 Current Portion of long-term debt 1,836,524 1,979,002 ------------------- ------------------- Total current liabilities 7,625,309 10,331,901 Total shareholders' equity 50,325,384 49,119,294 ------------------- ------------------- Total liabilities and shareholders' equity (3), (4) $ 57,950,692 $ 59,451,195 =================== ===================
(3) This statement of liabilities reflects the Sea Containers Group's internal accounting, on an unaudited and uncertified basis. As of October 31, 2006, 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 30, 2006. The certification and audit process may result in adjustments to the above stated liabilities. (4) 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 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 Sea Containers Services Ltd 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 (pound)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 (pound)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. is considering its reply to the Regulator's warning notices and does not accept that it is reasonable or appropriate for the Regulator to issue FSDs.
SEA CONTAINERS SERVICES LIMITED STATEMENT OF OPERATIONS Unaudited ----------------------- For the One Month End Note October 31, 2006 ------- ----------------------- Revenue $ 3,880,991 Costs and expenses: Operating costs - Selling, general and administrative expenses (3,365,471) Other charges - Depreciation & amortization (128,661) ------------------------- Total costs and expenses (3,494,132) ------------------------- Gains on sale of assets 42,273 ------------------------- Operating (loss) income 429,132 Other income (expense) Interest income 13 Foreign exchange gains or (losses) 187 Interest expense, net of capitalized interest (11,252) ------------------------- (Loss) income before taxes 418,080 Income tax expense - ------------------------- Net income (5) $ 418,080 =========================
(5) This statement of operations reflects the Sea Containers Group's internal accounting, on an unaudited and uncertified basis. As of October 31, 2006, 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 30, 2006. The certification and audit process may result in adjustments to the above stated net income. 12
SEA CONTAINERS CARIBBEAN INC. BALANCE SHEET Unaudited Unaudited ----------------- -------------------- October 31, September 30, Note 2006 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 liabilities represents the Sea Containers Group's internal accounting, on an unaudited and uncertified basis. As of October 31, 2006, 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 30, 2006. 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. 13
SEA CONTAINERS CARIBBEAN INC. BALANCE SHEET Unaudited Unaudited ---------------- ------------------ October 31, September 30, Note 2006 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 the Sea Containers Group's internal accounting, on an unaudited and uncertified basis. As of October 31, 2006, 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 30, 2006. 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
Intercompany Balances Sea Containers Ltd. ----------------------------------------- As at September 30, 2006 As at October 31, 2006 Movement ------------------------ ---------------------- -------- SCL SCL SCL Company Company Company Company Name Total Total Total ------------------------------------------- ------------------------ ---------------------- -------- $ $ $ SC British Isles 119,031,526.97 116,545,639.05 (2,485,867.92) SC Italia 13,466,165.00 13,466,165.00 - Super SeaCat Italia (130.02) (130.02) - SC Italia Holdings (66,621.02) (66,621.02) - SC Services 65,382.576.90 76,536,834.97 11,154,258.07 Hart Fenton (11,151.72) (11,453.13) (301.41) SC Chartering (67.79) (64.48) 3.31 Yorkshire Marine Containers (13,030,555.31) (11,354.777.66) 1,675,777.65 Illustrated London News (17,553,769.80) (19,084,038.56) (1,530,268.76) West Australia Line 1,222,855.12 1,222,855.12 - Ferry & Port Holdings 832,954,647.01 846,965,450.69 14,010,803.68 SC Finland (Ex Silja Holdings) 11,893,072.54 11,994,063.61 100,991.07 Silja OYB - - - Silja Services (18,308.919.17) (18,308.919.17) - Liverpool Dublin (39.68) (40.32) (0.64) Hoverspeed (0.09) (0.09) - Hoverspeed GB (90,273.81) (272,910.06) (182,636.25) SC UK (953,472,121.86) (967,257,699.21) (13,785,577.35) Burginhall 818 (37,401.87) (38,001.91) (600.04) SC America Inc 8,112,418.07 8,196,197.21 83,779.14 SeaCo Parts Inc (397,077.97) (400,369.70) (3,291.73) CMCI 2,611,781.45 2,611,781.45 - SC Asia Pte 617,671.57 668,397.05 50,725.48 SC Ports & Ferries (80,680,291.86) (80,680,291.86) - IOMSPCO (SeaCat 27) 21,526,364.04 21,710,981.22 184,617.18 Balance transfer to be cleared 4,285,658.35 - (4,285.658.35) SC Australia (7,451,487.35) 7,902.610.06 15,354,097.41 15
Intercompany Balances Sea Containers Ltd. ----------------------------------------- As at September 30, 2006 As at October 31, 2006 Movement ------------------------ ---------------------- -------- SCL SCL SCL Company Company Company Company Name Total Total Total ------------------------------------------- ------------------------ ---------------------- -------- $ $ $ IRS NZ - - - Cooltainers 138,098.10 138,098.10 - SCL New Units - - - SPC 270,612,124.92 270,447,995.48 (164,129.44) SC Brasilia 10,383,345.74 10,383,345.74 - SC Iberia (5,896,015.82) (5,606,801.39) 289,214.43 Mobilbox 182.00 182.00 - Strider 2 4,222,504.02 4,222,504.02 - Vessel Holdings 3 7,644,985.16 7,644,985.16 - Strider 1 - - - Strider 9 1,938.177.59 1,938,177.59 - Strider 10 8,821,179.07 8,821,179.07 - Technitank 600,000.00 600,000.00 - Boxer 2 2,731.302.40 2,731.302.40 - Boxer 3 13,419,698.26 13,419,698.26 - Contender 1 36,712.497.88 36,712.497.88 - Contender 2 (5,116,079.45) (5,116,079.45) - Pacifica Ship Management 196,459.99 196.459.99 - Nagara Tam 854,523.79 854,523.79 - Nagara Ltd 1,052,674.81 1,052,674.81 - Atlantic Maritime Services (3,184,810.87) (2,591,280.21) 593,530.66 Seafast Management Services 63,964.94 63,964.94 - Paulista Containers 25,334.580.84 25,334.580.84 - Marine Container Insurance (11,709.726.72) (11,761,726.72) (52,000.00) Brasiluvas Agricola 3,199,530.57 3,207,530.57 8,000.00 Societe Bananiere De Motobe (1,532,742.94) (1,532,742.94) - SC Properties 10,217,854.10 10,217,854.10 - 16
Intercompany Balances Sea Containers Ltd. ----------------------------------------- As at September 30, 2008 As at October 31, 2006 Movement ------------------------ ---------------------- -------- SCL SCL SCL Company Company Company Company Name Total Total Total ------------------------------------------- ------------------------ ---------------------- -------- $ $ $ Vessel Holdings 2,390.776.55 2,390.776.55 - SC Holdings (17,052,664.02) (17,326,240.47) (273,576.45) SeaCat 2 (1,697.563.54) (1,697,563.54) - SeaCat 3 0.11 0.11 - SeaCat 4 17,989.357.77 18,094.927.27 105,569.50 SC Mauritius 51,996.34 52,101.57 105.23 Freight Containers India (21,232.07) 17.83 21,249.90 Super SeaCat 1 20,219,246.16 20,332,211.56 112,965.40 Super SeaCat 2 25,453,607.47 25,554,692.59 101,085.12 Super SeaCat 3 8,235,689.28 8,385,977.60 150,288.32 Super SeaCat 4 12,664,046.80 12,814,374.88 150,328.08 SeaCat Ltd 18,248,369.93 18,418,966.57 170,596.64 SeaCat 6 11,497,399.67 11,825,357.16 327,957.49 SeaCat 7 19,370,278.85 24,448,616.18 5,078,337.33 SC Ropex 3,310,671.02 3,310,671.02 - SC Finance Ireland 2,462,655.32 2,462,655.32 - SC Opera 56,083,500.00 56,728,109.69 644,609.69 SC Finnjet 18,694,500.00 20,260,748.08 1,566,248.08 SC Treasury - 10,463,000.00 10,463,000.00 SCL Activities (34,574.14) (38,450.90) (3,876.76) ------------------- --------------------- ----------------- 558,575,197.58 598,205,531.34 39,630,333.76 =================== ===================== ================= 17
Intercompany Balances Sea Containers Services Ltd. -------------------------------------------------- Intercompany Balances As At October 31, 2006 September 30, 2006 Movement 1.90 0.00 1.90 (GBP) $ (GBP) $ (GBP) $ Receivable SC British Isles 23,789,377.93 45199818.07 23,789,377.93 0 - 0 Ferry & Port Holdings 22,053,474.25 41901601.08 21,970,654.05 0 82,820.20 157,358.38 ILN 6,463,699.67 12281029.37 6,190,864.95 0 272,835.72 516,385.97 YMCL 4,796,803.08 9113925.85 4,744,055.92 0 52,747.16 100,219.60 Hart Fenton 1,061,869.16 2017551.40 994,024.37 0 67,844.79 128,905.10 SC Asia pte 546,642.73 1038621.19 541,642.73 0 5,000.00 9,500.00 Pariandros 463,861.20 881336.28 461,609.80 0 12,251.40 23,277.66 Newhaven Marina 192,714.13 366156.85 192,714.13 0 (0.00) (0.00) SC House Management 101,949.08 193703.25 85,949.08 0 16,000.00 30,400.00 SC America Inc 29,111.61 55312.06 29,111.61 0 - - Brasiluvas 8,333.00 15832.70 - 0 8,333.00 15,832.70 GE SeaCo - 0.00 2,081.03 Eops - 0.00 833.06 Insurance Premiums to be 691,924.52 1314656.59 645,031.57 0 46,892.95 89,096.61 recharged ------------------------------------------------------------------------------------------- 60,199,760.36 114,379,544.68 59,637,950.23 - 564,724.22 1,072,976.02 ------------------------------------------------------------------------------------------- Payables SCL (40,734,104.92) -77394799.35 (33,537,951.57) 0 (7,196,153.35) (13,672,691.37) SC Property Services (1,441,741,61) -2739309.06 (1,480,351.49) - 38,609.88 73,358.77 Fairways & Swinford (86,552.40) -164392.56 (127,798.91) 0 41,276.51 78,425.37 SC Associates Inc. (0.01) -0.02 - 0 (0.01) (0.02) ------------------------------------------------------------------------------------------- (42,262,368.94) (80,298,500.99) (35,146,101.97) - (7,116,266.97) (13,520,907.24) ------------------------------------------------------------------------------------------- Net 17,937,391.42 34,081,043.70 24,491,848.26 - (6,551,542.75) (12,447,921.23) 18
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. 19
Sea Containers Limited Reporting Date October 31, 2006 ------------------------------------------ ---------------------------------------------------------------------------------------------------------------------- Accounts Receivable Reconciliation and Aging ---------------------------------------------------------------------------------------------------------------------- $ Total Accounts receivable at the beginning of the reporting period 3,012,892.45 Add Amounts billed during the period 1,167,485.76 Less Amounts collected during the period (764,334.30) Other movements (445,298.45) ------------------ Total accounts receivable at the end of the reporting period 2,970,745.46 ------------------ ----------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------- Accounts Receivable Ageing ---------------------------------------------------------------------------------------------------------------------- 0 - 30 days old 363,573.09 31 - 60 days old 1,263,580.22 61 - 90 days old 413,064.21 91 + days old 930,527.94 Total accounts receivable 2,970,745.46 Amounts considered uncollectible (net) (1,773,627.72) Accounts receivable net 1,197,117.74 ---------------------------------------------------------------------------------------------------------------------- 118
Sea Containers Services Ltd Reporting Date October 31, 2006 ------------------------------------------ ---------------------------------------------------------------------------------------------------------------------- Accounts Receivable Reconciliation and Aging ---------------------------------------------------------------------------------------------------------------------- $ Total Accounts receivable at the beginning of the reporting period 878,582.27 Add Amounts billed during the period 321,582.58 Less Amounts collected during the period (739,093.37) Other movements (foreign exchange) 14,094.52 ------------------ Total accounts receivable at the end of the reporting period 476,166.00 ------------------ ----------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------- Accounts Receivable Ageing ---------------------------------------------------------------------------------------------------------------------- 0 - 30 days old 475,166.00 31 - 60 days old - 61 - 90 days old - 91 + days old - Total accounts receivable 475,166.00 Amounts considered uncollectible (net) - Accounts receivable net 475,166.00 ---------------------------------------------------------------------------------------------------------------------- 21
DEBTORS QUESTIONNAIRE -------------------------------------------------------------------------- ---------------------- -------------------- -------------------------------------------------------------------------- ---------------------- -------------------- Must be completed each month Yes No -------------------------------------------------------------------------- ---------------------- -------------------- 1. Have any assets been sold or transferred outside normal course of X business this reporting period? If yes, an explanation below. -------------------------------------------------------------------------- ---------------------- -------------------- 2. Have any funds been disbursed from any account other than a debtor in X possession account this reporting period? If yes, provide an explanation below. -------------------------------------------------------------------------- ---------------------- -------------------- 3. Have all post petition tax returns been timely filed? If no, provide X an explanation below. -------------------------------------------------------------------------- ---------------------- -------------------- 4. Are workers compensation, general liability and other necessary X insurance coverage's in effect? If no, provide an explanation below. -------------------------------------------------------------------------- ---------------------- -------------------- -------------------------------------------------------------------------- ---------------------- -------------------- -------------------------------------------------------------------------- ---------------------- -------------------- -------------------------------------------------------------------------- ---------------------- -------------------- -------------------------------------------------------------------------- ---------------------- -------------------- -------------------------------------------------------------------------- ---------------------- -------------------- -------------------------------------------------------------------------- ---------------------- -------------------- -------------------------------------------------------------------------- ---------------------- -------------------- -------------------------------------------------------------------------- ---------------------- -------------------- -------------------------------------------------------------------------- ---------------------- -------------------- 22