Royal Olympic Cruises Awaits Greek Court Decision
PIRAEUS, Greece, Feb 12, 2004 /PRNewswire-FirstCall via COMTEX/ -- Royal Olympic Cruise Lines Inc. (Nasdaq: ROCLF) announced today that the Greek Court administrating the Section 45 proceeding regarding its subsidiaries is expected to issue a decision in the next few days. The Court had previously given the company until today to present a restructuring plan consented to by 51% of its creditors.
Negotiations with Fortis Bank, the holder of more than 51% of the company's debt, are meanwhile continuing, in an attempt to secure the consent to a plan.
The company also announced that Athens 2004, the group overseeing the Olympic Games to be held in Athens, has recalled in full the $1 million advance deposits paid to Royal Olympic Cruise Lines. The amount was paid to secure 30% of available space on Olympia Explorer, Olympia Voyager and Olympia Countess for the period of the Olympics. All 3 ships are no longer owned or controlled by Royal Olympic Cruise Lines.
Pending further developments the company is continuing not to take bookings.
SOURCE Royal Olympic Cruise Lines Inc.
CONTACT: James Lawrence of Royal Olympic Cruise Lines Inc.,
+1-203-406-0106, ext. 13, or cell, +1-203-550-2621
(ROCLF)
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