Bankrupt Renaissance seeking $10m from agents
Officials acting for Renaissance Cruises are to seek up to $10 million from US agents to pay off creditors of the bankrupt shipping company.
A bankruptcy judge has approved a liquidation plan for the cruise line, which includes collecting commissions from agents if passengers did not sail.
According to sources in the US, up to $1.1bn of Renaissance’s debt has been resolved, leaving around $200 million in claims, some of which will receive full compensation while others will receive only partial payment.
American Society of Travel Agents president Richard Copland said it would fight the ruling. “There’s absolutely no reason why agents should be made to pay for the cruise line’s default,” he said.
“We’re learning that corporate America is not nice. We’ll be ready for them. It’s not going to be a case of Custer at the Little Bighorn. We’ve learned a lot from General Custer.”
Up to $2,100 can go to each passenger who paid for a cruise by cash or cheque. The vast majority of passengers, around 97%, paid by credit card and they will receive refunds from the banks.
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