Pullmantur Cruises: Without the support of its investors, announces its liquidation in one year

The insolvency administrator admits that there is no feasibility plan. Workers at ERTE (File of Temporary Employment Regulation) will be the first to be laid off.

Final straight in the Pullmantur bankruptcy. Following the decision of a Madrid court that Royal Caribbean , one of the two large shareholders with 49% of the capital, sits at the negotiating table of the cruise ship’s ERE, being an interested party and protagonist in the accelerated deterioration of the companies, the first meetings have brought an unexpected turn.

Data Concursal, the administrator in charge of the Pullmantur bankruptcy , has conveyed to the workers that there is no viability plan to re-float the company and that the intention of the shareholders (the Springwater fund has the other 51%) is to proceed with the liquidation of the company in one year , starting in a staggered way with the workers in ERTE.

The cruise passenger does not have ships and has suspended operations until December 2021

In the first place, the three ships of the Pullmantur fleet were scrapped and the various attempts to acquire vessels from other subsidiaries, such as Celebrity Cruises, or from the Royal Caribbean parent company itself, have failed. The lack of liquidity led 127 employees (40% of the workforce) to accumulate in September a period of 45 days without collecting payroll, to which was added the eviction of their headquarters in Madrid due to the non-payment of their income. Just two months later, the company announced that it was suspending its resumption of operations until December 2021 .

The great unknown is now the implementation of the plan to which Royal Caribbean had committed to reimburse in cash or through a voucher all the reservations canceled since March 2020 as a result of the coronavirus health crisis.

FRANK GONZALEZ

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