MARITIME OPERATIONS:
THE HUMAN ELEMENT
Washington Marriott, Washington,DC April 23 & 24, 2002

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April 18, 2002

Plan to buy Delta Queen assets
European river cruise specialist Uniworld says it intends to bid for the assets of New Orleans-based Delta Queen Steamboat Company. The assets include the Delta Queen Steamboat trademarks and logos plus the Mississippi Queen and Delta Queen, the classic American river steamboats.

A bankruptcy auction of the 174-passenger Delta Queen and 416-passenger Mississippi Queen. is scheduled for May 3. Another company that has reportedly expressed interest is Chicago-based Waveland Investments. It is ready to pay $3.73 million for the two boats and to commit $10 million. in working capital.

Uniworld operates its Europe river cruises through its wholly owned European subsidiary Global River Cruises. With 15 ships under ownership or long-term lease, Global River Cruises is Europe's leading river cruise line.

"As the leading provider of river cruise vacations for Americans in Europe, it is logical for Uniworld to expand its fleet to include vessels operating on the fascinating rivers of the United States," declared Serba Ilich, President and CEO.

"The acquisitions of the magnificent Mississippi Queen and the legendary Delta Queen would be a huge honor for our company, considering the great historic and commercial significance of the steamboats in the development of America," Ilich stated.

"We feel the synergies generated by our Uniworld river cruise operations in Europe and the Delta Steamboat Company would be tremendous. In addition, Uniworld is a strong supporter of the [travel] agency community and we feel that Uniworld ownership would allow agents to again sell the Mississippi cruise product with confidence," Ilich added.

Ilich said he would locate the North American headquarters of Global River Cruises in New Orleans to take advantage of the synergies presented by the acquisition of Delta Queen Steamboat Company.

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