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Casino Cruise Cruises on Rough Waters 2005-08-04
Last Tuesday, A U.S. Bankruptcy Court judge said would permit the owners of the casino cruise ship to try to turn around their failing business. Ocean Jewel is that cruise ship that is in major trouble financially. The judge said that they were giving the company another chance to pay employees, keep their insurance, as well as bringing in a consultant to help them lift their heads over water.
Titan Cruise Lines Inc., the owner of Ocean Jewel, filed for Chapter 11 bankruptcy protection Monday, as it owes $4.6 million in debts to hundreds of creditors. Their fate will depend on the success of a new business strategy to abandon St. Petersburg, and have all passengers access the Ocean Jewel from a dock off of the Johns Pass on Treasure Island. The 457 foot gaming vessel sits in international waters to move passengers around back and forth.
Dennis Shepard, former Ocean Jewel's Chief Executive Officer for the past several months, said with the new change his salary will remain the same. U.S. Bankruptcy Court Judge Alexander Paskay on Tuesday agreed to allow St. Petersburg-based Titan, owner of the Ocean Jewel, to pay Shepard's $25,000 monthly salary. Paskay also approved the payment of $300,000 in wages to the company’s employees and a $120,000 payment for liability insurance. This would be for not only the casino ship, but the boat shuttles that assists the ship.
(By Andrea)