Crystal Cruises suspends operations as parent company files to windup business

Crystal Cruises suspends operations as parent company files to windup business

Genting Hong Kong has filed to wind up its business after running out of cash as its subsidiary, Crystal Cruises, temporarily suspended operations until late April.

Genting’s announcement comes off the back of warnings last week from the company that it could face potential cross-defaults on financing arrangements worth $2.8 billion due to the insolvency of its German shipbuilding subsidiary MV Werften.

In a filing on Wednesday to the Hong Kong exchange, Genting said the company will “imminently be unable to pay its debts as they fall due,” as liquidity dries up.

The supercruise operator said the application to wind up the company was given at the Supreme Court of Bermuda, after it had, “exhausted all reasonable efforts to negotiate with the relevant counterparties under its financing arrangements.”

However, the firm said that certain businesses – including but not limited to the operations of cruise lines by Dream Cruises – “shall continue in order to preserve and protect the core assets and maintain the value of the Group.”

“However it is anticipated that majority of the Group’s existing operations will cease to operate,” the cruise operator said in its filing.

Travel Weekly reached out to Crystal Cruises to find out what this meant for the line and is yet to receive a response.

However, according to Cruise Weekly, Genting’s wind-up has led to American operator Crystal Cruises temporarily suspending operations and taking time to “evaluate the current state of business and examine various options going forward.”

Crystal Cruises CEO, Jack Anderson, said the new ongoings have been tough for the company and thanked its guests and travel advisors.

“This was an extremely difficult decision but a prudent one given the current business environment and recent developments with our parent company, Genting Hong Kong,” Anderson said.

“Crystal has been synonymous with luxury cruising for more than 30 years, and we look forward to welcoming back our valued guests when we resume operations.

“We wish to thank our guests and travel advisors for their incredible support during these ongoing challenging times.”

Crystal Serenity, Crystal Symphony, and Crystal Endeavor are all sailing currently, but will now return to port and disembark their passengers in light of the news.

Latest News

  • Aviation

Low-cost Indian carrier SpiceJet continues to burn cash

It’s not just low-cost Australian carriers that are facing hardship. SpiceJet, India’s version of Bonza, recently announced a 72 per cent reduction in its net loss versus last year. But, despite this improvement, the airline has posted losses for six straight years. But it has secured board approval to raise up to INR 30 billion […]

  • Attractions

SAKA Museum recognised in TIME magazine’s World’s Greatest Places 2024

AYANA Resort Bali’s newly-opened cultural and events centre, SAKA Museum has been recognised in TIME magazine’s World’s Greatest Places list for 2024. Part of AYANA Bali’s resort destination, the museum integrates Bali’s rich history with state-of-the-art facilities, making it the centrepiece for the island’s spiritual and cultural heritage. TIME magazine’s inclusion of SAKA Museum in […]

  • Cruise

Silversea taps Barbara Biffi as senior vice president for global sales

Ultra-luxury and expedition cruise travel brand, Silverseas, has announced Barbara Biffi as its new senior vice president of global sales. Biffi joined the company in 2007, holding numerous positions and gaining a deep understanding of the brand, the preferences of its guests and its strategic goals, the company said. An Italian national with a wealth […]

  • Technology
  • Travel Agents

Amadeus welcomes FCM Travel as new reseller partner of Cytric Easy

Cytric Easy, the travel management tool embedded in Microsoft Teams, is to be integrated into FCM Travel portfolio. Amadeus and FCM Travel have extended their Cytric distribution agreement to include Cytric Easy. With this new agreement, global travel management company FCM Travel, becomes a reseller of the innovative travel management collaboration solution embedded into Microsoft […]