Royal Olympic Reports Bookings Up for 2002
Royal Olympic Cruise Lines Inc. has been advised by Louis Cruise Lines Ltd (LCL) that agreement has been reached for the shares held by LCL in ROC Holdings Inc. (ROCH), the majority shareholder in Royal Olympic Cruise Lines (ROCL), to be exchanged for a number of shares held by Louis Tourist Agency Ltd (LTA) in Cyprus Tourist Development Company (CTD), the owners of the Hilton Hotel in Nicosia. Acquisition of the $20 million subordinated bond by LTA and the Guarantee of Liabilities amounting to $6.0 million. As part of the acquisition of LCL’s investment in ROCL, LTA will guarantee the $6.0 million loan made by LCL to ROCL and will acquire $20.0 million subordinated convertible bond issued by ROCL to LCL in 2001.
LCL Buys Stake In Royal Olympic
Cyprus cruise operator Louis Cruise Lines has signed a deal to acquire a 51.4 percent controlling stake in Nasdaq-listed Royal Olympic Cruise Lines. The value of the agreement was not disclosed. The deal will significantly boost Louis's share of the Mediterranean cruise market, bringing some 16 vessels under its management. Louis now owns seven vessels, and an eighth is under management. It has increasingly turned to out-chartering in recent years and has a dominant position in the eastern Mediterranean short-cruise market that it operates out of Limassol. Royal Olympic operates eight vessels in the Mediterranean and in the United States. The Greek company is in the process of building another two vessels, the first due for delivery in June 2000 and the second in 2001.
