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Linda Coffman


Renaissance Cruises Ceases Operations

Renaissance Cruises Files Voluntary Petition for Chapter 11 Reorganization and
Will Cease All Cruise Operations Effective Immediately

Fort Lauderdale, Florida, September 25, 2001 - Renaissance Cruises today announced that the Company and various of its affiliates have filed voluntary petitions for Chapter 11 reorganization in the United States Bankruptcy Court in the Southern District of Florida, Fort Lauderdale Division, and that Renaissance Cruises will cease all cruise operations effective immediately. 

“Renaissance Cruises has very reluctantly elected to seek court protection after exhausting every other avenue to work out a comprehensive business solution,” said Manfred Urpsrunger, President and Chief Executive Officer for Renaissance Cruises.  “In light of the severe, unexpected drop in leisure travel following the terrorist attacks on the United States and the immediate and adverse impact on the Company’s late stage recapitalization efforts, we concluded that this was the only responsible action we could take to exit our business in an orderly fashion while preserving value for our investors.  We want to thank our customers, travel agent partners and employees for their support over the last year, and assure them that we are taking the necessary steps to minimize the impact of this filing on them.”

Renaissance said that it is making necessary provisions to return any passengers to home ports who are on current cruises or in transit.  Customers with upcoming bookings should contact their credit card companies and travel agents for refund arrangements.

Printable Copy -- A copy of the press release for use by booked passengers who need the statement to submit to their credit card and insurance companies. 

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