Royal Olympia Granted Extension

Troubled cruise line continues with restructuring plan

Royal Olympia Cruises put its administrative staff in Greece on unpaid leave, as a Greek court administering its restructuring plan granted the line an extension. The court gave the cruise line until Feb. 12 to reach an agreement on a restructuring plan with the holders Belgium-based Fortis Bank of at least 51 percent of outstanding obligations. Royal Olympia said it put its administrative staff on unpaid leave “pending the outcome of the court ruling and discussions with financial institutions and various creditors.”

Royal Olympia has been publicly battling creditors since mid-December, when subsidiaries that own the Olympia Explorer and Olympia Voyager filed for Chapter 11 reorganization in the U.S. Creditors have since arrested those two ships.

Another vessel, the Olympia Countess, was sold at auction. Creditors had arrested the Countess in Durban, South Africa, in December. Royal Olympia said the auction proceeds will be used to pay creditors.

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