CRUISE & Maritime Voyages (CMV) has said it is hoping to finalise “ongoing discussions and negotiations with a number of financial institutions and banks to improve its liquidity position,” amid Sky News UK reports the cruise line could file for insolvency as soon as this week. The line is understood...
CRUISE & Maritime Voyages (CMV) has said it is hoping to finalise “ongoing discussions and negotiations with a number of financial institutions and banks to improve its liquidity position,” amid Sky News UK reports the cruise line could file for insolvency as soon as this week.
The line is understood to be in discussions with financial planner VGO Capital Management, which has expertise in the shipping industry, after being turned down for a government-backed bank loan.
“CMV is confident to finalise these discussions shortly, but given that discussions with several parties are still ongoing we are not prepared to make any further comment at this time,” the cruise line said.
Five of CMV’s seven ships were detained last month by the United Kingdom’s Maritime and Coastguard Agency following complaints about late pay and expired crew contracts (CW 09 Jul).
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.
Pictured: Vasco Da Gama.
