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Festival/First European Claims Positive Developments

February 3, 2004
Festival/First European, in what seems like the first bit of good news since creditors began seizing its ships in January, has issued a statement saying that "favorable legal rulings . . . have cleared the way for the company to continue moving forward with its negotiations to reclaim its vessels and to implement a restructuring plan in support of a full resumption of service."

The company, which expects to complete the negotiations by mid-February, has issued a re-launching schedule. European Stars, whose voyages this month departing on February 2 and 15 have been cancelled, will resume on February 25, from Genoa. European Vision, whose February 8, 15 and 22 voyages were called off, will sail again on February 29 from Santo Domingo. And Mistral, which did not sail as scheduled on February 8 and 18, will resume February 28 from Genoa.

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