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January 30 th 2004 Attended for the next days the return to service of the Festival fleet. The "European Vision" is no more under arrest at Barbados, but two ships have been deteined at Gibraltar, where the Azur will also be stopped. After the block of three cruise ships, Mistral, European Stars and European Vision in the Mediterranean and in the Caribbean, other two unities of the fleet of the Genoese company have been stopped. The Flamenco and the Bolero have been jammed in the harbour of Gibraltar, where last Tuesday has come, on appeal of the financial group JP Morgan Europe. Also the Azur is espected to be stopped in the next hours. Meanwhile a judicial provision has annulled the sentence of sequestration of the European Vision at Barbados. The provision -as made known by Festival - « prevents to Alstom/Crédit Agricole, or to any its representative, to take possession of the ship». The ordinance -as specified by the company - « has been issued in the context of the decisions related to the claims introduced by Festival for the judicial actions introduced against the company» and it underlines that the «decision is finalized to allow Festival to take back the normal activity as soon as possible». Festival has confirmed meanwhile the predisposition of a plan of rearrangement of the group that the entry of new investors foresees in the capital of the society and the intervention of the banking system to support of the operation. Her negotiations to finalize the plan -as made known by the Genoese firm - « are in an advance phase of development and they have recently recorded an encouraging acceleration that makes to suppose a positive conclusion within the first halves the month of February». Festival is extremely confident around the positive result of the story, that could already decontrol him in the next days. Such trust has induced the company to announce its programs beginning from the end of next month to all the travel agencies of the world.
Perhaps this is the end of Festival's troubles.Who will be their new partner ? Msc or RCI ?Personally I suppose RCI, Msc shouldn't be interested into a joint venture with one of their main two rivals in Europe.I suppose that Festival will get back at least European Vision and Stars.... about Mistral... it still quite difficult to say ( will Pullmantur take her ? ). With a new investor probably the older ships will go... Festival Cruises wasn't already more interested to them, even if they have announced the return of Bolero two times in just three years.
quote:Originally posted by gpcruisedude:Bolero will only be in Gibraltar until she starts her charter with Spanish Cruise Line! I believe same with Flamenco!
And they have been arrested, so whether those charters will ever commence, at least with Festival owning the ships, is in question.
Joe at TravelPage.com
I was on 4 Cruises with the Azur, in 1992, 1993 (2) and 1995.
The first 3 were Chandris, it was o.k.
The last was the worst, under FESTIVAL.
An old Ferryboat will never be as good as an real Passenger Ship.
There are now so many offers for good and very good Ships, it is not necessary to book the Bottom of the Cruise Industry.
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