SeaCo Declares Second Liquidating Distribution
Bermuda-based SeaCo Ltd. have recently 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.
A spokesperson said, “The liquidating distribution announced 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. 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.”
