ARC Files Motion Against Far & Wide 3-29-2005

ARC filed a motion in the U.S. Bankruptcy Court, Southern District of Florida in Miami to force Far & Wide Travel Corp. to liquidate its remaining assets. The tour operator conglomerate has been in Chapter 11 bankruptcy since Sept. 24, 2003. ARC’s attorneys alleged that the chances for recovery of


ARC filed a motion in the U.S. Bankruptcy Court, Southern District of Florida in Miami to force Far & Wide Travel Corp. to liquidate its remaining assets.

The tour operator conglomerate has been in Chapter 11 bankruptcy since Sept. 24, 2003. ARC’s attorneys alleged that the chances for recovery of the company are negligible.

According to the filing, “The prospects for a recovery for unsecured creditors has grown more grim since the petition date, as the estates have become administratively insolvent ... with unpaid professional claims projected at $800,000 .... Most notable among them, the committee’s professionals have accrued a monstrous bill of $650,000 without generation of a single dollar of recovery for their constituents.”

The filing states that ARC lost approximately $2 million as a result of the Far & Wide collapse.

NCL, Aker Yards Extend Intent Aker Yards and NCL Corp. agreed to extend a letter of intent to build a cruise ship for Norwegian Cruise Line until Feb. 28, the yard said Jan. 31.

The 89,000-ton ship was to be built at Aker Finnyards’ Helsinki yard and delivered in spring 2007. The original letter of intent with the yard expired at the end of January. NCL in December said it planned to build a ship with Aker that would feature balconies on all the ship’s outside cabins.

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