NEW YORK -- Shareholders of R Holdings, parent of Renaissance
Cruises, approved the sale of a majority stake in the premium
cruise line to Malvern Maritime.
Existing investors, including CSFB Private Equity, also are
increasing their investment in R Holdings as part of the
agreement.
Malvern Maritime is led by Peter Gram, a London-based Norwegian
ship owner and investor who will join the board of R Holdings and
serve as chairman.
Frank Del Rio, Renaissance's co-chief executive officer, said
the deal includes a debt restructuring and increases Renaissance's
liquidity by $300 million.
In February, Fort Lauderdale, Fla.-based Renaissance accepted
the last of a series of ships in a $1.5 billion building
program.
Del Rio challenged European press reports that Renaissance lost
$95 million on revenue of $580 million in 2000, adding "This is not
a bailout. It's an infusion of fresh capital."
Said Gram, "My group includes significant maritime experience,
and we look forward to working with [Renaissance] to ensure it is
fully equipped to continue to develop its strengths."
Malvern Maritime is expected to name a new senior manager to
oversee Renaissance.
With regard to reports that Renaissance soon will switch to
contractors to oversee the marine/technical and hotel operations
aboard its ships, Del Rio said: "Every company continues to look
for ways to deliver its products in the best fashion."