GENOA, Italy -- Festival Cruises said it will take repossession of
the European Vision, one of the line's vessels that was seized last
month.
A Barbados court granted a restraining order that "cancels the
previous seizure verdict and prevents Alstom, Credit Agricole or
any other representative from taking possession of the European
Vision," the European cruise line said.
Earlier, Festival said it received approval from a French court
to arrest its own ship, the Mistral, as security against damages
from cancelled sailings.
The line's three newest ships had been seized -- the Vision in
Barbados, and the European Stars and the Mistral in Europe -- after
Alstom, which built the ships, said the line failed to meet
contractual financial obligations.
Festival said it is in negotiations to finalize a restructuring
plan.
To contact reporter Rebecca Tobin, send e-mail to [email protected].