Saturday, May 06, 2006

Sea Streak is in Trouble

Lots of Jersey Shore residents commute to NYC via Sea Streak everyday. In fact, if it wasn't for Sea Streak, Realtors would not be able to advertise that Fair Haven or Rumson is only 45 minutes from the City. In any event, Sea Streak is cancelling some service on Monday. The service cancellation looks temporary, however, it should be noted that the parent company of Sea Streak, known as Sea Containers, is in very bad financial shape.


"Sea Containers, the troubled container leasing and passenger transport group, on Monday said it expected its 2005 results to include a warning about whether the company could survive as a going concern.

Directors were drawing up a business plan for use in a possible debt restructuring, the company added in a statement to the New York Stock Exchange, where the London-based, Bermuda-registered company is listed."

Full article...


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