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Bizjournals.com, NCSouth Florida Business Journal - 12:24 PM EST Wednesday
Day-cruise gambling ship operator Palm Beach Princess filed for Chapter11 reorganization in the Southern District of Florida Bankruptcy Courton Monday, listing a total of close to $30 million more in debts than inassets.
The seven companies involved in operating the 421-foot, seven-deck boat,which sails out of the Port of Palm Beach, each filed Chapter 11 andasked their cases to be jointly administered.
Riviera Beach-based ITG Vegas listed assets of $28.7 million and debtsof $38.8 million, while Cruise Holdings I LLC listed assets of $21.8million and debts of $41.2 million. Both companies operate under thename Palm Beach Princess and are subsidiaries of Delaware-basedInternational Thoroughbred Breeders (Pink Sheets: ITGB).
Among their creditors is PDS Gaming Corp. That company filed suit inPalm Beach County Circuit Court on Nov. 14, seeking repayment of $38.6million in loans or the foreclosure on the boats and equipment it saidPalm Beach Princess purchased under a financing agreement.
The companies are also facing state tax liens.
ITG Vegas has petitioned the court to allow it to continue to pay itsnearly 400 employees so it can keep operating the Palm Beach Princess.
The companies also own the Royal Star and the Big Easy, two vessels notin service.
Securities and Exchange Commission filings by International ThoroughbredBreeders value those vessels and equipment at $39.6 million and list$51.9 million in current liabilities as of Sept. 30.
With the Palm Beach Princess as its main operation, the company lost $12million on revenue of $24.7 million in the first nine months of 2006.For the same period the year before, the loss was $7.6 million onrevenue $26.3 million.
A Wednesday call to ITG Vegas President and Chief Executive OfficerFrancis X. Murray wasn't immediately returned.
http://www.bizjournals.com/southflorida/stories/2006/12/04/daily40.html[/QUOTE]
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