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 October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Oil Deal Between Iraqi Kurdistan & Baghdad Welcomed

The United States welcomes an agreement between Iraq's central government in Baghdad and its northern Kurdistan region over the management of oil exports, U.

Canadian Pipeline Expansion Continues

Kinder Morgan Energy Partners said on Friday that crews have resumed survey work related to its Trans Mountain pipeline expansion project in the Vancouver suburb of Burnaby,

Orlando Ashford is President, Holland America Line

Holland America Line announced today that effective Dec. 1 Orlando Ashford will join the company as president to lead the award-winning cruise line's brand and business,

Finance

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Oil Deal Between Iraqi Kurdistan & Baghdad Welcomed

The United States welcomes an agreement between Iraq's central government in Baghdad and its northern Kurdistan region over the management of oil exports, U.

Nigeria to Cut Petrol Subsidy by Half

Nigeria plans to cut subsidies on petroleum products by half next year after sharp falls in global crude prices, spurred the government to revise its 2015 budget downwards,

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1244 sec (8 req/sec)