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.

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

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

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

"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.

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.

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

"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

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

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