PIRAEUS, Greece, Mar 1, 2004 /PRNewswire-FirstCall via COMTEX/ -- Royal Olympia
Cruises (Nasdaq: ROCLF) announced today that the Greek Maritime Court of appeal
of Piraeus administering the proceeding under section 45 of Law 1892/1990
regarding its subsidiaries "ELLINIKI ETAIRIA DIIPEIROTIKON GRAMMON A.E.",
"VALENTINE OCEANIC TRADING INC", "FREEWIND SHIPPING COMPANY" and "OCEAN QUEST
SEACARRIERS LIMITED", which are the owning companies of the vessels ODYSSEUS,
TRITON, WORLD RENAISSANCE and OLYMPIA I, and "ROYAL OLYMPIC CRUISES LTD" (the
Management Company), gave its consent for their inclusion in the above section
(similar to Chapter 11 in the United States). The Court also appointed an
administrator (mediator) for a period of six months in order to try and find a
compromise agreement with the creditors.
The above decision provides a legal framework which allows the Company to
operate for a period of six months, with the possibility of a further three
month extension subject to court approval, in order to allow the administrator
(mediator) to reach agreements with the Company's creditors. However the Company
will have to secure a sufficient amount of working capital in order to be
operational. This amount has not yet been secured.
This press release contains forward looking statements. Forward looking
statements can be identified in many cases by the use of terms such as "may",
"will", "should", "expect", "intend", "plan", "anticipate", "believe",
"estimate", "predict", "continue", or other terms. These statements are based on
assumptions that are inherently subject to significant uncertainties and
contingencies that are difficult or impossible to predict and are beyond our
control and may cause our business activities and results, including the results
of any discussion between Royal Olympic and creditors of the debtors, to be
materially different from those that are implied by the forward-looking
statements.
Although we believe that the expectation expressed in our forward-looking
statement are reasonable, we cannot assure you of any further business activity
or result.
SOURCE Royal Olympia Cruises
CONTACT: James R. Lawrence, +1-203-550-2621, for Royal Olympia Cruises
(ROCLF)
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Copyright (C) 2004 PR Newswire. All rights reserved.
KEYWORD: Greece
INDUSTRY KEYWORD: LEI
MAR
SUBJECT CODE: LAW