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Article: Palm Beach Casino Line Files for Bankruptcy, Cannot Buy Cruise Ship.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- January 21, 2003
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Copyright informationCOPYRIGHT 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 Michael L. Diamond, Asbury Park Press, N.J. Knight Ridder/Tribune Business News
Jan. 21--The sale of Robert E. Brennan's Palm Beach Princess cruise ship, which was supposed to yield $13.75 million to the former financier's bankruptcy estate, has hit a snag.
The ship's operator, Palm Beach Casino Line, has filed for protection from its creditors under Chapter 11 of the bankruptcy code, saying it doesn't have the $9.7 million it needs to complete the ship's purchase from U.S. Bankruptcy Court trustee Donald F. Conway.
"We were forced to protect our assets and maintain the continuity of our business," said Francis X. Murray, chief ...
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