Kirkland & Ellis Leads Sea Containers to Chapter 11 Exit

Kirkland & Ellis LLP represented Sea Containers Ltd., a London-based global marine container leasing company, in its restructuring and emergence from Chapter 11 bankruptcy protection on February 11, 2009. The U.S. Bankruptcy Court for the District of Delaware confirmed Sea Containers' emergence from Chapter 11 following the transfer of the company's maritime container business to SeaCo Ltd.

Sea Containers filed for Chapter 11 bankruptcy protection under U.S. law on October 15, 2006. At the time of the filing, the company listed approximately $1.67 billion in total assets and $1.58 billion in total liabilities. 

"This very complicated case required significant coordination between our U.S. and UK lawyers," said partner David Eaton, who led the Kirkland team for Sea Containers. "We are pleased that our integrated team was able to help Sea Containers successfully restructure and exit Chapter 11."

"This case presented ground-breaking cross-border issues primarily because the UK pension liabilities had to be dealt with in the U.S. Chapter 11 regime," said partner Lyndon Norley, who led the team in London. "We worked closely with the UK regulator, the scheme trustees and their advisors to come to a unique solution."

The transatlantic team of Kirkland lawyers included Chicago partners David Eaton and David Agay, and associates Paul Wierbicki, Sienna Singer, Sarah Seewer and Phil Nelson. In London, the team included partners Lyndon Norley, Partha Kar and Kon Asimacopoulos, and associates Graham Lane, Kim Gutherless and Helena Potts. Others involved included corporate partners Keith Crow and Theodore Peto, of counsel Joseph Schorer and associate Cassandra Becker, as well as litigation partners Yosef Riemer and Galia Messika.

Kirkland & Ellis LLP is a 1,500-attorney law firm representing global clients in complex restructuring, corporate and tax, litigation, dispute resolution and arbitration, real estate, and intellectual property and technology matters. The Firm has offices in London, Chicago, Hong Kong, Los Angeles, Munich, New York, Palo Alto, San Francisco and Washington, D.C.