WILMINGTON, Delaware (Bloomberg) - Sea Containers Ltd., a shipping container provider, is still negotiating details of $150 million in bankruptcy exit financing and faces "severe consequences" if it misses several looming deadlines, a company attorney said.

"We've been spending all our time on that for the last month," attorney David Eaton told US Bankruptcy Judge Kevin Carey yesterday in Wilmington, Delaware. The goal is to sign a financing agreement before a September 19 hearing on whether the company has provided enough information about its reorganisation plan to creditors who claim they are owed more than $4.6 billion.

Sea Containers filed for bankruptcy on October 15, 2006, with a plan to shed money-losing European ferry and rail operations in favor of its traditional business of providing shipping containers worldwide. The Bermuda-based company has sold most of the operations it no longer needs, according to court papers.

The company faces a November 30 deadline to win court approval of its bankruptcy reorganisation plan, Mr. Eaton said. That date was set as part of a legal settlement between the company and an affiliate of General Electric Capital Corp. that co-owns a Sea Containers' unit.

To meet the deadline, the company needs to wrap up the exit financing and may need to adjust its reorganisation plan to reflect a key ruling Mr. Carey said he will issue in the next few days. Mr. Carey said he is almost ready to release his decision on whether to approve a settlement between Sea Containers and pension plans in the UK.

The plan currently assumes that Mr. Carey will approve the settlement. If the company cannot incorporate Mr. Carey's ruling by September 30, Sea Containers' reorganisation will face "very severe issues", Mr. Eaton said in court.