Regal Cruises Ceases Operations

Monday, April 28, 2003
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 statement: "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 unsuccessful." 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.
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