Royal Olympic Cruise Lines will change the sailing itineraries of the ships, effective immediately and until further notice, to limit the vessels to Greek destinations…
Royal Olympic Cruise Lines will change the sailing itineraries of the ships, effective immediately and until further notice, to limit the vessels to Greek destinations, Samos and Alexandroupoli, although ROC is taking all necessary steps to overcome this difficulty in the future. The cruise company is operating two cruise ships, Triton and World Renaissance, under the protection of Article 45 of law 1892/1990 on the basis of decisions of the Greek courts.
This decision followed the arrest of the ships by a creditor in Turkish ports of Kussantasi and Istanbul on Sunday, October 3rd, from which they were released the next day. The arrest was a result of the failure of the Turkish court to respect the stay issued in the Greek Article 45 proceeding.
Discussions with creditors and lenders are continuing, as well as efforts to clear the legal issue in Turkey to conform to European laws. The above are serious material issues for the company. The company continues to seek capital needed to continue operations, but the inability to maintain the protection of the Greek court outside the European Union, if not resolved, is expected to increase the difficulty of arranging an organized financial restructuring, according to many articles of the international press.
Management said that it is committed to completing its fall schedule with as little alteration as possible and appreciates the continued support of its clients and creditors.
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