13 February 2009
The Pensions Regulator (TPR) has approved the financial support
arrangements for Sea Containers' two group pension schemes, the Sea
Containers 1983 Pension Scheme and the Sea Containers 1990 Pension
Scheme.
The agreement comes as part of the Sea Containers' exit from
Chapter 11 proceedings (i.e. bankruptcy) in the US and will take
the form of shareholdings in a new company owned by its creditors.
The pension scheme trustees now have a substantial holding in a new
company in satisfaction of their claims.
