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Beleaguered Royal Olympic wins six months' breathing space.
(From Lloyds List)
ROYAL Olympic Cruises has won a lifeline from a Greek bankruptcy court, writes Nigel Lowry in Athen s.
The court on Friday arrived at a decision giving the ailing operator six months of breathing space to hatch an agreement with its creditors.
A well-known Greek marine lawyer, Gregory Timagenis, is the court-appointed mediator.
His task will be to obtain the consent of creditors representing 60% of the company's outstandings, which must include 40% of mortgagees.
...
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