Royal Viking Line Ship and Name Sold

Kloster Cruise has announced that the 37,845-ton, 758-passenger Royal Viking Sun and certain Royal Viking Line trademarks have been sold to Cunard Line for $170 million in cash and potential payouts dependent upon the Royal Viking Sun’s future performance worth up to an additional $5 million.

As previously reported by this newsletter, the Royal Viking Queen joins the Royal Cruise Line fleet, where she will begin service as the Queen Odyssey in January 1995.

Since the transaction was consummated on June 30, the Royal Viking Sun will sail her regularly scheduled itineraries under the RYL brand name and under the ownership and management of Cunard immediately.

Net Gain of $35.1 Million

Kloster has reported a net gain from the transaction of $35.1 million, reflecting a book value of the vessel and its inventories of $118.6 million and selling costs and certain write-offs associated with the transaction of $16.3 million. The proceeds from the transaction will be used to improve the company’s cash position, liquidity, and debt repayment.

As part of the transaction, Kloster Cruise’s primary lenders agreed to restructure the company’s debt, loosening some of its covenants and providing Kloster Cruise with additional Liquidity through a refinanced revolving line of credit.

In addition to selling the Royal Viking Sun, Kloster also sold to Cunard, the RYL trademark, the Skald Club trademark, and the RYL past passenger data base. However, Kloster will retain perpetual use of the past passenger data base to facilitate its own sales efforts.

Executive Appointment

Spencer Frazier, formerly President of RVL, has been appointed to the new position of Executive Vice President and Assistant to the President of Kloster Cruise, Adam Aron.

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