Cruise Talk: RCCL about to rescue Festival?

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Topic: RCCL about to rescue Festival?

bulbousbow
First Class Passenger
Member # 4440

posted 04-29-2004 10:21 PM

Is RCCL (Royal Caribbean International) about to rescue Festival Cruises? There seems to be news coming out of France that they are in serious discussions with Festival for a relaunch. RCCL will be an external partner to the operation. Are they the mysterious investor touted all this time? Anyone else have news of this?

Cheers

Posts: 6866 | From: Adelaide, Australia | Registered: Feb 2004 | IP: Logged

Tim in Fort Lauderdale
First Class Passenger
Member # 953

posted 04-29-2004 10:25 PM

It really doesn't matter at this point, Festival is not in control of the ships. They have no more assets.
Even if RCCL were to step up to the table, a lengthy legal battle would ensue as at the end of the day, unless RCCL is about to fork over $400 million cash to secure Mistral and European Stars, there's nothing left of the company to rescue. Festival's name is mud now.

There's no ships, no brand value and no goodwill left in the company.

Tim

Posts: 1468 | From: Fort Lauderdale, FL | Registered: Dec 1999 | IP: Logged

bulbousbow
First Class Passenger
Member # 4440

posted 04-29-2004 11:00 PM

quote:
Tim wrote:
Festival's name is mud now. There's no ships, no brand value and no goodwill left in the company.

I agree with you. If there was to be a rescue attempt it should have taken place long time ago. What I cannot understand is why would RCCL have an interest in Festival at this point in time?

My post was based on an article issued by AFP (Agence France Press) on the 27th of April, in the last paragraph it said:

Selon la même source, la formule qui est en cours de discussion concerne une relance avec un partenaire extérieur, l'armateur RCCL (Royal Caribbean International), numéro deux américain.

Anyway it is something not worth losing sleep over.

Cheers

Posts: 6866 | From: Adelaide, Australia | Registered: Feb 2004 | IP: Logged

PK Eng
Just Boarded
Member # 4674

posted 04-29-2004 11:36 PM

I can assure you that Festival is over. Pireaus branch is closed, Italy headquarters coming soon. Festival was a big story and it is amazing with this management how itt last so long. Anyway now it's over. RCCL maybe will make a move but counting on other company. Today buyers coming onboard Mistral. There is a rumor that also Costa is interested about Mistral. We will see.

Posts: 3 | From: Greece | Registered: Apr 2004 | IP: Logged

Italian Cruiser
First Class Passenger
Member # 1684

posted 04-30-2004 08:17 AM

I agree with Tim too.
Festival Cruises doesn't control any of their former ships.
The Azur, Bolero and Flamenco were already sold.
Caribe is owned by Nina Cruises of Rome.
European Stars and Mistral are still under arrest at Barcelona and Marseilles.
European Vision is now Msc Armonia.
When Festival debuted in 1994 with The Azur they were immediately successfull... interesting itineraries, a cruise product of good quality at fai prices.
Also Bolero and Flamenco gained a good reputation.
The troubles begun with Mistral.
I have never liked this ship !
She was poorly designed, particularly her accomodations.
Why have they featured private balconies just in the so called suites, when all the cruise ships built between 1997 and 2000 have a majority of outside cabins with private balconies ?
At the time Festival developped a two classes concept onboard Mistral.
With the arrival of European Vision and Stars and the joint venture with Hilton, their newbuildings became three classes ships....

The quality of the product offered by the vintage ships, The Azur and Flamenco, slipped quickly.
So why should Royal Caribbean International spend an high sum of money to rescue a company that is now in very bad conditions ?
Festival reputation is gone.
If Royal Caribbean is interested to become a major player in the european cruise market why should they acquire another company ?
They could simply use their brand or Celebrity Cruises.
Celebrity Cruises has already deployed Galaxy at Civitavecchia, where she should attract a loyal following of European passengers.
The prices required for the 10 and 11 days cruises are excellent.
Next year Royal Caribbean will mainly dicate Legend of the Seas to the British cruise market.
If they want expand in France, Germany, Italy and Spain they have just to send more ships in Europe.
Sovereign of the Seas, quite old to be based year round in the USA, will be perfect for Europe.

Posts: 887 | From: Orvieto (Italy) | Registered: Nov 2000 | IP: Logged

BR BOB
First Class Passenger
Member # 4554

posted 05-04-2004 11:40 PM

Richard Fain of RCI has stated that RCI has no interest in any of the Festival/First European vessels.
Msc may be looking at European Stars.
I would have no clue as to what develops with Mistral....she may be up for grabs and is anyone's guess as to her future life.

Posts: 78 | From: New York City | Registered: Mar 2004 | IP: Logged

bulbousbow
First Class Passenger
Member # 4440

posted 05-05-2004 03:29 AM

quote:
Originally posted by BR BOB:
Richard Fain of RCI has stated that RCI has no interest in any of the Festival/First European vessels. MSC may be looking at European Stars. I would have no clue as to what develops with Mistral....she may be up for grabs and is anyone's guess as to her future life.

True, Fain did say RCI was not interested in Festival, but why that piece of news that I quoted earlier, what's the purpose?

MISTRAL is up for grabs on May 13th., in Marseille. EUROPEAN STARS will also go soon, and yes MSC will be the prime candidate for EUROPEAN VISION's sister.

Cheers

Posts: 6866 | From: Adelaide, Australia | Registered: Feb 2004 | IP: Logged

bulbousbow
First Class Passenger
Member # 4440

posted 05-11-2004 08:44 PM

quote:
Festival: French shutdown, US heads to Chap. 7
May 11, 2004

The Paris Trade Court today decided to liquidate Festival Croisières, the French branch of Festival Cruises. In addition, First European Cruises, the company’s North American branch, is close to filing for Chapter 7, Seatrade Insider has confirmed.
The Paris Trade Court had several times postponed its decision on Festival, pending possible refinancing plans or mergers proposed by the company. The closure of the French office puts 34 employees out of work. As reported here, Mistral is due to be auctioned on Thursday (May 13th) in Marseille, while the sale of European Stars will follow.
Festival spokesman Luis Arangio in Genoa told Seatrade Insider that First European is planning to file Chapter 7, possibly this week. Chapter 7 is a voluntary request to the courts to collect and liquidate a debtor’s assets to pay off creditors.
Seatrade Insider

**************************************************

Maybe Festival initiated those rumours?

Cheers

Posts: 6866 | From: Adelaide, Australia | Registered: Feb 2004 | IP: Logged

lasuvidaboy
First Class Passenger
Member # 4527

posted 05-11-2004 10:01 PM

Mistral could be refitted properly with additional private verandas and hopefully a real bow. I have rarely seen a more unattractive ship. In my opinion her bow resembles a short beak on a bird. Also RCI could add Viking Crown Lounge and she would be ready to go as Mistral of the Seas.

Posts: 7654 | From: Hollywood Hills/L.A. | Registered: Mar 2004 | IP: Logged

Salaison
First Class Passenger
Member # 4722

posted 05-18-2004 10:48 AM

thats what u get for putting 3 ugly ass looking ships into ur fleet, Mistral, European Stars and Vision.....Now look Msc is aquiring them, hmmmmmmmmmm lets see how long they stand!

Posts: 444 | From: St. Lucia--The Sleeping Leviathan | Registered: May 2004 | IP: Logged

BR BOB
First Class Passenger
Member # 4554

posted 05-18-2004 10:57 PM

MSC is now giving MSC Armonia (formerly European Vision) a refitting costing several million dollars according to sources in Florida. She will then become up to MSC standards which were far superior vessels than Festival/First European standards.
She will last....do not fret.
AND......she will probably never sail in North American market......Opera seems to be first contender for N.A. year round voyages.....2006???

Posts: 78 | From: New York City | Registered: Mar 2004 | IP: Logged

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