 |
 |
 |
 |
 |
 |
 |
 |
Press ReleaseCreditors Force Bankruptcy on Society ExpeditionsSEATTLE, Oct. 22, 2003 -- On Friday, October 3, 2003 creditors of Society Expeditions Cruise Line filed an involuntary Chapter 7 bankruptcy petition in the U.S. Bankruptcy Court for the Western District of Washington (Case Number 0322896). Patrician Cruises, Ltd., a UK corporation and the major creditor, states that the current bankruptcy filing in the United States will be supplemented with ancillary involuntary insolvency filings in Bremen, Germany and Hamilton, Bermuda, against the other remaining Society Expeditions companies.The claims have arisen over the past two years from the failure of Society Expeditions to meet its required vessel charter and commission payments for the new "World Discoverer", a luxury expedition cruise vessel. As a result the ship, which was owned by Patrician Cruises, was seized by the Bank in June of 2003 and is now owned by an affiliate of the Sembawang Shipyard Pte Ltd of Singapore, previously a major creditor of the vessel. In an interview with the major US-controlled shareholder of Society Expeditions, it was stated that the current financial crisis was the result of poor sales after the events of 9/11 and the failure of the current management team, lead by Heiko Klein, to compensate. Klein, a German national representing the other shareholder, and his executive team have not been able to maintain sufficient sales levels, particularly in the US market, to cover the current financial requirements of the company. The US-controlled shareholder believes that over the last 30 years Society Expeditions has built a reputation of high quality/high value expedition cruising throughout the world. It is their intent to reorganize the company under new management and to return the company to its core US customer base. Meaningful discussions over a reorganization plan between the company's two shareholders have been stymied over the last few months by Heiko Klein and the current management. For more information contact: Patrician Cruises, Ltd. Bruce Fischer, PhD, Director USA Operations HQ 10230 East Riverside Drive Bothell, WA 98011 Tel: +1-206-679-9644 Email: brucef@terrasolve.com |
 Subscribe and receive targeted press release announcements. Choose from several categories. Sign up today!  Media Searches Reference Tools Journalism Sites Public Relations PR Bookstore Organizations/Assns. Careers |