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.
