Regal Cruises Ceases Operations
Regal Cruises has ceased all operations, and has cancelled all upcoming cruises on the Regal Empress beginning with this Thursday's four - day cruise to Mexico.
The Board of Directors of Regal Cruises has issued the following
"We deeply regret having to take this action, but we had no other choice
as the Company has been unable to continue operations after one of its
suppliers, Motor-Services Hugo Stamp, Inc., arrested the REGAL EMPRESS
on April 18, 2003.
The company had hoped to negotiate a resolution of this unfortunate
action through a sale of its business, which the Company has been
pursuing for some time. In light of the world-wide decline in travel and
tourism and the short time frame within which the Company could conclude
its ongoing sale negotiations necessitated by the arrest, it was
The company is currently gathering information to allow it to file for
an Assignment for the Benefit of Creditors in State Court shortly. This
would seek to accomplish an equitable distribution of the assets of
Regal Enterprises, Inc. to its creditors. Creditors who provided goods
and services to the Regal Empress may participate in the arrest
proceeding pending in Federal Court.
The company is deeply sorry for the inconvenience the cancellations of
these cruises will cause its passengers. Regal Cruises is now making
every effort to contact passengers on the upcoming sailings to advise
them of the cruise cancellations.