Festival Group is finalizing plan that will allow the full re-launch and reinforcement of its activity

Festival Group confirms that its consultants are elaborating and finalizing the plan that will allow the full re-launch and reinforcement of its activity.

The search of financial and/or operative investors remains the priority: there are several ongoing contacts that, for obvious privacy reasons, must remain confidential as to avoid divulgation of any unfounded information that could damage the ongoing negotiations and negatively influence the company prospects.

Festival group specifies that, at the moment, no negotiations are going on with the Libyan finance company Lafico.

Festival Cruises         09 Feb 2004



Restraining order cancels the previous seizure verdict and prevents Alstom/Crédit Agricole to take possession of the m/v European Vision.

Festival Crociere informs that in these hours we have received from Barbados the news of a restraining order that cancels the previous seizure verdict and prevents Alstom/Crédit Agricole, or any other representative, to take possession of the m/v European Vision.

The order has been issued in the context of the decisions concerning the claims presented by Festival for the judicial actions undertaken against the Company: the injunction states that the actions have been taken “with a view to enabling it [Festival Cruises] to recommence cruise operations as soon as possible”.

Within the ongoing negotiations, Festival reaffirms its belief in the restructuring plan of the Group, plan that foresees the entry of new investors in the Company capital and the intervention of the bank system to support the operation.

Festival confirms that the negotiations to finalize the above-mentioned plan are in advanced development phase and that they have recently undergone an encouraging acceleration that let us presume a positive outcome within shortly.

Festival Cruises         30 Jan 2004