Crystal sunk

One of the world’s finest cruise lines last week made what may be its last ever porting to urgently disembark passengers.

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 $2.8bn due to the insolvency of its German shipbuilding subsidiary MV Werften where a new luxury ship is under construction.  In recent times it has built Crystal Endeavour, a 200-passenger 20,000ton luxury yacht.  Crystal Symphony (51,000 tons – 1995) and Crystal Serenity (68,000 – 2003) both with around 1,000-passenger capacity, whilst in tip-top condition, are now considered dated in terms of accommodation and amenities.

In a filing last 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.

Crystal Cruises, the operating company, is based in Miami.

www.crystalcruises.com

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