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Published on Wednesday, July 15, 2020

Cruise line CMV in last-ditch rescue talks






 


Independent UK cruise line Cruise & Maritime Voyages could file for insolvency as early as this week if its last-ditch rescue talks fail, according to national news reports.



Essex-based CMV is understood to be in discussions with VGO Capital Management, a specialist situations investor with expertise in the shipping industry, after being turned down for a government-backed bank loan.



Sky News reported unnamed sources saying an insolvency filing was possible this week if the talks, which started weeks ago, fail to progress satisfactorily.



A CMV spokesman said this morning: "Financing discussions involving several parties are still ongoing and we are not prepared to make any further comment at this time."



VGO could not be contacted for a comment.



CMV specialises in no-fly cruises from the UK on relatively small ships, which it operates under charter. Five of its seven ships were detained last month by the Maritime and Coastguard Agency following complaints about late pay and expired crew contracts.



Some crew members from Asia had been on board for more than 12 months but were unable to fly home due to Covid-19 travel restrictions.



At the time, a CMV spokesman was quoted as saying that the regulatory breaches were the consequence of an 'unprecedented emerging humanitarian issue'.



CMV has suspended all cruises until 25 August due to Covid-19-related travel restrictions. The UK Foreign Office recently advised against all travel on cruises ships, based on advice from Public Health England.



The cruise line did not have any cases of Covid-19 among passengers on board its ships prior to sailings being suspended in March.



CMV re-joined CLIA as a regional member of Europe and Australasia in January after quitting three years ago.


 


By Linsey McNeill, Editor (UK)

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