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Royal Olympic Cruises Files For Chapter 11!
Hi Everyone,
I received this press release from Royal Olympic Cruise Lines and thought it would be of interest. If you have missed any of my news' postings, they are available on my web site. Best regards, Ray LIGHTHOUSE TRAVEL 800-719-9917 or 805-566-3905 http://www.lighthousetravel.com Royal Olympic Cruises Files For Chapter 11 for Two Ship Owning Companies PIRAEUS, Greece, Dec. 17 Royal Olympic Cruise Lines, Inc., (Nasdaq: ROCLF) 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. |
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Royal Olympic Cruises Files For Chapter 11!
I find this one interesting.
Lets see, the units that are "solvent" are the ships on the block, or the "Stella Solaris/Oceanis" pair at the breakers. Meanwhile, the 2 ships that do have a future are the chapter 11's. But the actual line is doing fine???!!!????. I love the spin. I've forgotten how much of ROC Louis owns (100%) - I note Louis has a bunch of tonnage ready for a trip to Alang as well. Guess they took deliver of the Olympic/Olympia Explorer too early Regards, Keith |
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Royal Olympic Cruises Files For Chapter 11!
Keith,
We have already paid a down payment on a 31 day cruise on the Olympia Explorer that is one of the Chapter 11 ships. What do you mean, "the 2 ships that do have a future are the chapter 11's." Are you saying the cruises of the Olympia Explorer will not be cancelled? Or, should we be contacting our insurance company for a refund of our down payment. Bob "KeithF4281" wrote in message ... I find this one interesting. Lets see, the units that are "solvent" are the ships on the block, or the "Stella Solaris/Oceanis" pair at the breakers. Meanwhile, the 2 ships that do have a future are the chapter 11's. But the actual line is doing fine???!!!????. I love the spin. I've forgotten how much of ROC Louis owns (100%) - I note Louis has a bunch of tonnage ready for a trip to Alang as well. Guess they took deliver of the Olympic/Olympia Explorer too early Regards, Keith |
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Royal Olympic Cruises Files For Chapter 11!
On Wed, 17 Dec 2003 20:58:01 -0500, "Robert Nabors"
wrote: We have already paid a down payment on a 31 day cruise on the Olympia Explorer that is one of the Chapter 11 ships. What do you mean, "the 2 ships that do have a future are the chapter 11's." Are you saying the cruises of the Olympia Explorer will not be cancelled? Or, should we be contacting our insurance company for a refund of our down payment. Hi Bob, The purpose of the bankruptcy filing is to prevent the creditors from seizing the ships and to allow them to reorganize. You should be in contact with your travel agent so he can keep you apprized of the situation. All insurance companies do not cover all cruise companies for this situation so you might check with them to make sure that you are covered and what they recommend in regards to your final payment. Best regards, Ray LIGHTHOUSE TRAVEL 800-719-9917 or 805-566-3905 http://www.lighthousetravel.com |
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Royal Olympic Cruises Files For Chapter 11!
"Robert Nabors" wrote in
: Keith, We have already paid a down payment on a 31 day cruise on the Olympia Explorer that is one of the Chapter 11 ships. What do you mean, "the 2 ships that do have a future are the chapter 11's." Are you saying the cruises of the Olympia Explorer will not be cancelled? Or, should we be contacting our insurance company for a refund of our down payment. You need to monitor. Normally Chapter 11 means operations as normal or close to it in order to raise revenue to pay bills. One of the down sides is that things may get cheaper like quality control issues but the creditors generally want the customers to keep coming to keep cash flow. |
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Royal Olympic Cruises Files For Chapter 11!
This is a very weak attempt at trying to force the bank's hands into easing
up the payments and lending terms. As ROC, the parent company, has guaranteed the loans, now that the ship-owning subsidiaries are in default, the banks can force ROC to make good on the monies owed. This of course, would force ROC to file for bankruptcy. In essence, this is akin to a desperate person standing on the ledge of a building, holding a baby, saying "don't make me jump". Tim "jcoulter" wrote in message . 199.17... "Robert Nabors" wrote in : Keith, We have already paid a down payment on a 31 day cruise on the Olympia Explorer that is one of the Chapter 11 ships. What do you mean, "the 2 ships that do have a future are the chapter 11's." Are you saying the cruises of the Olympia Explorer will not be cancelled? Or, should we be contacting our insurance company for a refund of our down payment. You need to monitor. Normally Chapter 11 means operations as normal or close to it in order to raise revenue to pay bills. One of the down sides is that things may get cheaper like quality control issues but the creditors generally want the customers to keep coming to keep cash flow. |
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Royal Olympic Cruises Files For Chapter 11!
Keith, We have already paid a down payment on a 31 day cruise on the Olympia Explorer that is one of the Chapter 11 ships. What do you mean, "the 2 ships that do have a future are the chapter 11's." Are you saying the cruises of the Olympia Explorer will not be cancelled? Bob - I've replied via private email, but what Tim and Ray say is correct. Regards, Keith |
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Royal Olympic Cruises Files For Chapter 11!
"Ray Goldenberg" wrote in message ... Hi Everyone, I received this press release from Royal Olympic Cruise Lines and thought it would be of interest. If you have missed any of my news' postings, they are available on my web site. I'm watching the Olympia Voyager being held at Port Everglades - they say 700 pax and 100 crew on board. At least they are in a port with phones and amenities (and lawyers) instead of some of the godforsaken piers where bankrupt ships seem to end up. Chris |
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Royal Olympic Cruises Files For Chapter 11!
Subject: Royal Olympic Cruises Files For Chapter 11!
Or, should we be contacting our insurance company for a refund of our down payment. Bob: I am rather surprised that your insurance company covered ROC. The companies I normally use do not cover them. Babette |
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Royal Olympic Cruises Files For Chapter 11!
On 18 Dec 2003 04:08:06 GMT, (OcnGypZ) wrote:
I am rather surprised that your insurance company covered ROC. The companies I normally use do not cover them. Hi Babbette, There are some companies that will cover every risk. %=) Best regards, Ray LIGHTHOUSE TRAVEL 800-719-9917 or 805-566-3905 http://www.lighthousetravel.com |
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