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Article: Stormy Economy Buffets Palm Beach, Fla., Casino Ship Operator.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- January 9, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Tom Stieghorst, South Florida Sun-Sentinel Knight Ridder/Tribune Business News
Jan. 9--A struggle to finance the purchase of its ship has led the operator of the Palm Beach Princess casino cruise to file for Chapter 11 bankruptcy protection.
The filings made late last week by ITG Vegas Inc. and an affiliate, MJQ Corp., will give them more time to raise $9.75 million needed to extinguish a mortgage on the ship.
ITG Vegas does business as Palm Beach Casino Line, which offers two cruises daily from the Port of Palm Beach aboard the 420-foot Palm Beach Princess.
The ship will continue to operate and all prepaid reservations, ...