Genting fallout – Crystal closes

2022-02-12T13:42:11+00:00 February 12th, 2022|Finance|

Reports are circulating that Crystal Cruises has finally closed its doors.

Personnel were thought to have left the company by the end of last week in the wake of parent Genting’s insolvency.

It was thought that V.Ships Leisure had been asked to manage the three ships by the liquidators.

Both the ‘Crystal Serenity’ and ‘Crystal Symphony’ are under arrest in Freeport (Bahamas), as creditors attempt to seize assets through the courts. The third ship, ‘Crystal Endeavor’, sailed from Ushaia on 5th February and was due in Montevideo on the 10th February.

Meanwhile, Dream Cruises filed a winding up petition with a Bermudan court on 27th January.

Genting Hong Kong announced that upon the hearing at the Bermuda Court on 4th February, an order was made that Edward Simon Middleton and Ms Wing Sze Tiffany Wong both of Alvarez & Marsal Asia Limited in Hong Kong and Edward Alexander Niles Whittaker of R&H Services Limited in Bermuda, be appointed as DCHL JPLs to, amongst other things, develop and propose any restructuring proposal in respect of Dream Cruises’ debts and liabilities.

Under the order, the DCHL JPLs were given extensive powers in respect of Dream Cruises and were authorised to, among other things, facilitate and assist the cruise line in developing and proposing a restructuring of the Dream sub-Group’s debt to allow it to continue as a going concern, by making a compromise or arrangement with its creditors.

They were also authorised to dispose of all or certain of Dream Cruises’ assets to maximise value and returns for the company’s creditors.

The liquidators are in discussions with both the company’s and Dream Cruises’ management teams in order to assess urgently the financial condition of the company and the Dream sub-Group and to identify potential remediation plans, Genting said on 8th February.

Genting also said that it will make further announcement(s) on any updates of any restructuring proposals of Dream Cruises in accordance with the listing rules.