Business Services Industry
Renaissance liquidation approved - Big Deals
South Florida CEO, Sept, 2002
Three financial firms that issue credit cards -- including Miami-based Ocean Bank -- will take major hits as a result of the bankruptcy of Fort Lauderdale-based Renaissance Cruises. According to a liquidation plan approved by US Bankruptcy Court in Fort Lauderdale, Ocean Bank, American Express and Discover will be paid back just 13 cents on the dollar for the $115 million they refunded to credit card holders who charged Renaissance tickets, then disputed them after the cruise line went bankrupt.
Ocean Bank had the biggest share of losses, with $75 million refunded. American Express refunded $36.7 million, while Discover Financial Services paid back $5 million. Renaissance went bankrupt last September.
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