Commodore Holdings Suspends Operations
Dec. 27, 2000--Commodore Holdings Limited (Nasdaq: CCLN) announced today that it must suspend its cruise operations. The company has cancelled cruises on the Enchanted Capri beginning Sunday, Dec. 31, 2000 and on the Enchanted Isle and Crown Dynasty beginning Saturday, Dec. 30, 2000. All passengers currently onboard the vessels will be returned to their original ports of embarkation.
"We deeply regret having to take this action, but we had no other choice," said Fred A. Mayer, chief executive officer of Commodore. "Negotiations between the lenders holding our mortgages just could not be resolved in time to avoid this consequence."
Commodore's troubles began with its ill-fated San Diego, Calif. day cruises this past spring. The venture was plagued by logistical difficulties and the passage of a state legislative referendum favoring land-based gaming, which had a negative impact on sales. Commodore decided to terminate the program last June, but the heavy costs associated with the project continued to affect its financial state.
Commodore has been working around the clock with its lenders attempting to conclude a financing arrangement that would have prevented the cancellation of these cruises but has been unable to reach a final resolution. Commodore today filed a petition for protection under Chapter 11 of the United States Bankruptcy Laws. Pursuant to such filing the company will develop a strategy to consolidate its debts and then file its reorganization plan with the court.
The company is deeply sorry for the inconvenience the cancellations of these cruises will cause its passengers. Commodore is now making every effort to contact passengers on the upcoming sailings to advise them of the cruise cancellations.
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