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Renaissance Raising Capital

Renaissance Cruises has sold Renaissance IV for about $12 million and also has three other ships - Renaissance I, II and III - on the sales block. Renaissance is reportedly working to raise sufficient capital to finance its $550 million, three-ship newbuilding project at Chantiers de l'Atlantique, the contract for which has not been stgned at press time.

One industry source, however, says Renaissance is "very close" to securing financing for the newbuilding program of three 600-passenger luxury ships, although "the financing has been tough (for Renaissance) to set."

Renaissance III is also reportedly close to being sold, but a contract has not been signed yet. No deals are imminent for Renaissance I and II, although discussions have been held wtth a Singapore line which is currently operating the vessels on a bareboat charter.

Renaissance is reportedly looking to sell these two vessels by the fourth quarter of 1996 and the first quarter of 1997.

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