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.
