CMV goes into administration

Written by Robert Moore Marketing Manager 21 July 2020

CMV logo

Update 21/07/2020: 

CMV has gone into administration as the rescue attempt fails. 

On their website it says "We are sorry to inform you that South Quay Travel Limited (“SQTL”) – which traded under the name Cruise & Maritime Voyages – was placed into administration on 20 July 2020. Paul Williams, Phil Dakin and Edward Bines of Duff & Phelps Ltd were appointed joint administrators of SQTL. At present the administrators are evaluating SQTL’s financial position."  See below for details of claims

CMV Claim Form
(to be submitted to: enquiriesCMV@duffandphelps.com)

SQLT Claim Form
(to be submitted to: enquiriesSQLT@duffandphelps.com)

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British-based cruise operator, Cruise & Maritime Voyages (CMV) is in talks with VGO Capital Management about a potential rescue deal. If the talks fail to progress to anything satisfactory, an insolvency filing is possible.

CMV currently employs around 4,000 people. It attempts to secure a funding package to steer it through what threats to be a protracted shutdown of its operations.

VGO Capital Management, the interested party, is a special situations investor with expertise in the shipping industry. Details of any type of investment is unclear.

A spokesperson for CMV said: ‘’Financing discussions involving several parties are still ongoing and we are not prepared to make any further comment at this time’’.

The Essex based company counts the Columbus and Marco Polo among its fleet of ships, five of which were detained by the Maritime and Coastguard Agency last month following complaints about late pay and expired contracts. Some crew members were onboard for over the legal 11-month limit, however, were unable to fly home due to the international travel restrictions ban from the unprecedented coronavirus pandemic.

Many cruise lines have had hits to their business from the pandemic, with uncertain prospects for recovery due to strict restrictions, not looking to be lifted anytime soon and the flood of negative publicity which the industry experienced when the outbreak initially hit.

Sky News report more.

Categories: What is administration

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