I'm not sure of that vintage, but it also used to be that the control system had it's own separate hold-up caps. Since your drive seems to indicate that it has that feature, yet it is apparently not working, I would suspect the caps on that Power Loss Ride Through feature have deteriorated. That happens with caps. Many Robicon reps also do their own service work on LV drives, have you tried that route?
I agree though that it may be time to consider replacement. As LionelHutz suggested, the main power caps have deteriorated as well (likely). If that's the case then it may be worth getting the better performance and efficiency from a newer drive rather than costly repairs to that one.
Still, 27 years operation from a VFD is, in my experience, one for the record books! I would think it worthy of a write-up by Siemens / Robicon (in exchange for a small repair job?) and I'm sure they would be happy to hear from you.
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