Royal Olympic Cruises Awaits Greek Court Decision

Thursday, February 12, 2004
Royal Olympic Cruise Lines Inc. announced today that the Greek Court administrating the Section 45 proceeding regarding its subsidiaries is expected to issue a decision in the next few days. The Court had previously given the company until today to present a restructuring plan consented to by 51% of its creditors. Negotiations with Fortis Bank, the holder of more than 51% of the company's debt, are meanwhile continuing, in an attempt to secure the consent to a plan. The company also announced that Athens 2004, the group overseeing the Olympic Games to be held in Athens, has recalled in full the $1 million advance deposits paid to Royal Olympic Cruise Lines. The amount was paid to secure 30% of available space on Olympia Explorer, Olympia Voyager and Olympia Countess for the period of the Olympics. All 3 ships are no longer owned or controlled by Royal Olympic Cruise Lines. Pending further developments the company is continuing not to take bookings.

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