Privileged Communication
To: Friends of Renaissance Cruises

From: Renaissance Cruises

Re: Renaissance Cruises is Back from Vacation!

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Dear Friend,

We are thrilled to announce that after a year's sabbatical, we are back in
Ft. Lauderdale and are putting the Renaissance Cruises family back together. We've spent the time wisely - inspecting cruise ships and exploring new ports of call for our loyal customers.

While we put our house in order, we welcome your comments. Our new reservations center isn't complete yet, but please visit our new website at http://www.renaissancecruises.cc/. We have an online form for your feedback and suggestions.

As you know, we have always brought you innovative cruise products by constantly reinventing ourselves, and this time is no different. You can rely on Renaissance Cruises to continue to deliver incredible vacation values, unique itineraries, and fabulous ships.

But seems Tim knows more. Is it true? I wouldn't fill out that form unless there was some other proof they are returning.

Hmm... Well I for one would like to see them back - a more interesting choice in the cruise industry for one!

I really regret that they went out. I thought they were very promising and had an excellent product. Actually considered booking a cruise with them that would have taken place after the bankruptcy - booked with RCCL instead and then that cruise was cancelled, but at least we got our money back!

quote:

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Judge OK's Renaissance bankruptcy plan
BY DALE K. DuPONT
ddupont@herald.com

A bankruptcy judge Tuesday approved a liquidation plan for Renaissance Cruises in which some creditors will be paid in full and others will get part of what's left.

The Fort Lauderdale company, which shut down shortly after the Sept. 11 attacks, left 400 employees out of work and $1.3 billion in debt. The line filed for Chapter 11 protection after its financial backer pulled the plug. About $1.1 billion of the debt tied to the line's 10 ships has been resolved, said attorney Paul Singerman of Berger Singerman, which represents the company. Renaissance has $200 million in claims left.

Once the priority claims are paid, the unsecured creditors eventually may get 10 cents on the dollar, said Gary Freedman, the liquidating trustee and the attorney for the creditors. Ocean Bank, the largest creditor, is owed about $75 million. ''I wish we could have done better,'' said Freedman of Tabas Freedman & Soloff.

But lenders foreclosed on the company's major assets, its 10 ships, most of which were mid-size, 684-passenger vessels. The line has $14 million in cash, up from $8 million when it filed in September, Singerman said. The company may try to collect more from what he said were ``a very substantial number of litigation targets.''

Under the plan approved by Judge Raymond Ray in Fort Lauderdale, administrative and priority creditors, such as employees, will be paid the full amount allowed by law, Singerman said. That payout could be a maximum of $10 million. A number of claims are still in dispute. ''We don't believe there are any remaining creditors who have security,'' Singerman said.

Passengers who paid by cash or check can get up to $2,100 per person back. If they paid more, they basically have an unsecured claim. Passengers who paid by credit card should have received a credit from the card company. Singerman said all but about 3 percent of the passengers paid by credit card. Employees will get up to $4,650.

Attempts also will be made to collect as much as $10 million in commissions from travel agents. The company contends agents should forfeit commissions if passengers didn't sail. ''We will fight them every step of the way,'' said Richard Copland, president of the American Society of Travel Agents. ``It's appalling. The travel agents did their job.'' Renaissance had alienated agents in the past by trying to bypass them for bookings. That policy was subsequently reversed.

In addition, a group of 20 employees, including Chief Executive Manfred Ursprunger, will get as incentive bonuses a portion of the amount given to creditors. Singerman said that of the 2,001 ballots cast on the plan, fewer than 40 were rejections.

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Looks like they are liquidating the old company and planning to start a new one under the same name - probably paid a few dollars to buy the name from the court. Not sure that's such a great idea, a new name might give them a fresh start.

I also was sad to see Renaissance shut down- but two questions now come up:
1. Is using the Renaissance name again a good idea? Sure there is a recognition among past cruisers- and a brand identity. But given the nasty reputation with travel agents, and passengers who were kicked off the ships when they shut down- is a new name not a better idea?

2. Where will they get ships from? The years spent building the fleet of R ships resulted in the 8 sisters being sold off to different interests. I wonder if a few of those ships could be bought back with new investment money to restart the line?

I agree that a Renaissance renaissance (pardon the pun, I couldn't resist) would be better if the name was scrapped.

It would also be necessary to design the new policies so that travel agents would not be alienated as before. Choice to use an agent or communicate directly with the cruise line is essential.

The lifting of the no-under-18s policy would be good (duh - I'm under 18) but the no-smoking policy might or might not come back. It might be kept lifted as it was when they went out of business as a commercial consideration.

The cruise line still would not have any specific children's facilities or actively market to families.

Otherwise the on-board product would remain similar as to before. An upscale, premium product.

Renaissance were notorious for their charter flights, and other "cheap" pre- and post-cruise arrangements. They'd take a different approach this time, focusing on allowing passengers to choose their own flights, etc. for a more individualized experience.

Unusual itineraries would continue to be a focus, but the main central feature of the product would be the same as they tried to project with the "More Your Style" campaign - a cruise with the focus on you, the passenger. Not treating passengers like a number, but like real guests. Doing things differently and standing out from the competition.

My answer- hook up with V.ships! Of course I have no idea if that is possible, or if V.ships wants another cruise business partner- but their experience with Radisson Seven Seas, Silversea, ResidenSea, the Albatros, and the old Sitmar (not to mention their worldwide shipping operations) proves they have the knowledge and ability to compete in the cruise business.