December 27, 2003
Royal Olympic directors jump ship
Royal Olympic Cruise Lines yesterday announced the resignations of Rex Harrington, Parker Quillen and John Evangelide from its Board of Directors.
On Dec 17, 2003 Royal Olympic Cruise Lines, Inc., (Nasdaq: ROCLF) announced 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, had filed for reorganization under Chapter 11 of the United States bankruptcy code. At that time, the company said it had "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," said Royal Olympic. "These loans are secured by mortgages on the two vessels and have been guaranteed by Royal Olympic Cruise Lines, the parent company."
On December 22, the company issued an update saying "Both ship owning companies continue the Chapter 11 reorganization filed in Honolulu, and subject to further discussions with lenders and further action by the District Court are restricted to calls at U.S. Ports. As a result of this limitation the December 22 sailing of the Olympia Explorer to Ensenada, Mexico and the Hawaiian Islands has been cancelled and the Olympia Voyager has been held at St Thomas V.I., and is expected to return to Port Everglades with passengers on January 2nd."
Even that could prove problematical.
"Some representatives of a German bank came aboard and took the computers off--including the navigational computers," today's Palm Beach Post reports Olympia Voyager passenger Arliss Dennis, 61, a businessman from Lake Worth, as saying..