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Palm Beach Princess casino ship files for bankruptcy reorganization

Palm Beach Post,  Thursday, December 24, 2009 at 3:50:03 PM

The beleaguered Palm Beach Princess is back in bankruptcy, a sign that financial troubles stemming from the recent failure of the casino ship's main engine are not letting up.

Ocean Development I LLC, the company that bought the Princess out of bankruptcy last November has voluntarily filed for Chapter 11 reorganization, according to a news release Thursday.

The company, headed by Mauro Sebben, asked the court to allow the Princess to keep sailing and said it has secured financing from an unnamed lender.

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