UK-based ferry and container operator Sea Containers is facing a crunch date soon that could see the company forced into Chapter 11 bankruptcy, say observers.
London-based Sea Containers is scheduled to retire one of four US bond issues this month and is required to make a $115m bullet payment on 15 October.
Analysts say the company will almost certainly miss the payment and this week started intense talks with bondholders in a bid to prepare for the default.
But
