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The Honolulu Advertiser

Posted at 11:10 a.m., Monday, July 30, 2001

Cruise company stops dividend

Advertiser Staff

American Classic Voyages, parent company of Hawai'i's two locally based cruise ships, said it would suspending its dividend because of a slowdown in the economy and stiff competition.

The company that operates the Independence and the Patriot previously paid 87.5 cents per quarter to holders of trust preferred securities. Those payment will be halted until May 15.

Last month American Classic said it would eliminate 70 full-time positions from its shore-based staff of 470. Analysts expect the company's loss from the last two quarters to continue.