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Star Cruises sale of Norwegian Dream falls through

The sale of Star Cruises’ Norwegian Dream has failed to go through after buyer Louis Cruises did not take delivery of the vessel before deadline.


In a statement, the Asian cruise operator Star Cruises said: “The disposal of the Norwegian Dream was not completed on the
scheduled completion date, 29 September 2008..as a result of failure to accept delivery.”


Star Cruises has revealed that it has sought legal advice to reinforce its rights against Louis, following the lapse of the sale agreement.


The operator said the failure of the deal would not have an impact on the financial situation of the company, but it would continue reviewing its fleet portfolio in light of market conditions.


Under the agreement, the Norwegian Dream was to be delivered to Louis Cruises within 14 weeks of signing the memorandum of agreement. Louis was to pay the $218 million sale price on delivery.


The deal by Louise Cruises to buy the Norwegian Dream was struck on April 23 this year, when it also committed to buy the Norwegian Majesty for $162 million. This was completed on July 29 this year.


 

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