Royal Olympic Cruise Lines which  is currently operating two cruise ships, the Triton and the World Renaissance, under the protection of Article 45 of law 1892/1990 on the basis of decisions of the Greek courts, announced today that it is altering the sailing itineraries of the ships, effective immediately and until further notice, to limit the vessels to Greek destinations.

This decision followed the arrest of the ships by a creditor in Turkish ports on Sunday, October 3rd, from which they were released the next day.

The arrest was a result of the failure of the Turkish court to respect the stay issued in the Greek Article 45 proceeding. ROCL is taking all necessary steps to overcome this difficulty in the future, but in the meantime will alter its itineraries as indicated.

Discussions with creditors and lenders are continuing, as well as efforts to clear the legal issue in Turkey to conform with European laws.

The above are serious material issues for the company. The company continues to seek capital needed to continue operations, but the inability to maintain the protection of the Greek court outside the European Union, if not resolved, is expected to increase the difficulty of arranging an organized financial restructuring.