Royal Olympic Cruises Files For Chapter 11 for Two Ship Owning Companies

Wednesday, December 17, 2003
Royal Olympic Cruise Lines, Inc., announced today that two out of its eight shipowning companies, Olympic World Cruises, Inc., the owner of the vessel Olympia Voyager, and Royal World Cruises, Inc. the owner of the vessel Olympia Explorer, have filed for reorganization under Chapter 11 of the United States bankruptcy code. The company has been in discussion with the lenders to these subsidiaries regarding a potential restructuring of $250.0 million in loans incurred to finance the acquisition of the two vessels. Discussions have not to date produced an agreement and the lenders have delivered a notice of acceleration of the loans. These loans are secured by mortgages on the two vessels and have been guaranteed by Royal Olympic Cruise Lines, the parent company. Neither Royal Olympic Cruise Lines, nor any other subsidiary has filed for Chapter 11 protection and are conducting business in the ordinary course. The company intends to continue discussions with the lenders. Commenting on the filing, CEO Yiannos Pantazis said: "Like others in the leisure and transportation industries, we have experienced very difficult operating conditions due to the effects on tourism of the September 11 events, the conflict in the Middle East, the SARS crisis, the Afghanistan and Iraq wars, the international economic situation and other events. We will continue discussions with our subsidiaries' lenders and remain committed to maintaining all operations and our standards during this period. Filing for reorganization under Chapter 11 may provide sufficient time for the discussions with the lenders to come to a positive conclusion, without disrupting the Company's operations, in a year when the Company's revenues are expected to be at increased levels due in part to the Olympic Games being held in Athens.
Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


HMAS Melbourne Intercepts 427kg Heroin

HMAS Melbourne’s crew has seized 427 kilograms of heroin hidden in a fishing dhow carrying the illegal drugs across the Indian Ocean. The intercept occurred

Xerox, MHI Ink ITS Project Deal

Today, at the ITS World Congress and Exhibition, Xerox and Mitsubishi Heavy Industries (MHI), both leaders in transportation solutions, signed a Memorandum of Understanding to explore,

ICTSI Colombia Gears for 2016 Launch

Sociedad Puerto Industrial de Aguadulce S.A. (SPIA), a unit of International Container Terminal Services, Inc. (ICTSI) in Colombia, recently received four super


Dry Bulk Shipping Turmoil Set to Extend into 2016

Dry bulk shipping faces more earnings pain as a slowdown in commodities demand and a glut of ships are expected to pile on the pressure well into 2016, ship industry players said on Wednesday.

India Extends Tax Benefits on Bunker Fuel

India has extended the benefit of nil custom and production tax on bunker fuels to domestic coastal movement of containers, in a move to decongest its roads and reduce carbon emissions,

Ivory Coast Starts Construction of Abidjan Port Upgrades

Ivory Coast began construction on Tuesday of a four-year, 560 billion CFA franc ($962 million) project to build a second container terminal and widen the canal

Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Port Authority Salvage Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2491 sec (4 req/sec)