The long-running legal saga of Bermudian-registered Sea Containers Ltd is a step closer to ending.

The company’s Chapter 11 bankruptcy protection filing in October 2006 was one of the largest reorganisations begun that year in the United States.

Sea Containers filed to reorganise after failing to make a $115 million debt repayment to bondholders.

The company emerged from Chapter 11 bankruptcy protection in February 2009 following the transfer of the company’s maritime container business to SeaCo Ltd.

Primary creditors of the old Sea Containers became shareholders in the new company in a debt for equity swap.

A scheme of arrangement was sanctioned by the Supreme Court of Bermuda, ancillary to the US proceedings.

On Friday, lawyer David Kessaram appeared in the Supreme Court before the Chief Justice, Larry Mussenden, for the joint provisional liquidators – John McKenna of Bermudian-based Finance and Risk Services Ltd and Elizabeth Bingham of EY UK.

Mr Kessaram was seeking relief from the court for some steps that needed to be taken for the company to be wound up.

He said all the affairs of Sea Containers had been completely provided for and dealt with, meaning that there was nothing left to be done by the permanent liquidators of the company.

Mr Kessaram sought, and was granted, an order dispensing with the first meetings of creditors and contributories, appointing the joint provisional liquidators as permanent liquidators, and dispensing with the requirement to produce a statement of affairs in respect of the company.

Additional matters that must be addressed before a winding-up order can be made by the court are to be scheduled for hearing at a date to be set.

Mr Kessaram said the matter was still ongoing owing to Sea Containers being a large group of businesses with presences worldwide.

He said: “It has been a mammoth task.”