Pullmantur files for Reorganization

[BaumD]

https://www.cruiseindustrynews.com/cruise-news/23124-pullmantur-files-for-reorganization.html

[BigAl94]

https://www.cruiselawnews.com/2020/06/articles/disease/is-pullmantur-cruises-ending-operations/?fbclid=IwAR2au4Ixc1jkqvBtoznrcDQPPNQbiXfb3ENdbjZ6mHNh3ViVql86s61Iapc

[Skipper Tim]

Thanks for that, BigAl94.

 

Remember Pullmantur only rents the ships - from RCI. The fate of the ships is not particularly linked to the fate of Pullmantur.

 

Pullmantur has filed for protection from creditors while it reorganises its creditors and shareholders, no doubt to the detriment of both. I would guess also that the re-assignment of Pullmantur crew to Celebrity is part of the pre-emptive action to minimise the paper value of the line in order to wipe out maximum debts, after the 'reorganisation'.

 

Pullmantur is still the foremost brand in the Spanish cruise market and is sitting on a great deal of, as yet, unpaid bookings.

 

It appears RCI is scrapping the current Pullmantur fleet and no doubt RCI is separately playing a huge game of 'chess cruise ships' at the moment between all of its brands. It makes sense for RCI to dispose of the oldest, most maintenance-hungry and least-efficient ships first in a slimming-down exercise across its joint fleet. It just so happens that Pullmantur are renting three of them at the moment.

 

Against the plans for a big expansion of Pullmantur (reportedly to 8 ships) pre-Covid, a stand-still  number of ships of three would be a reasonable expectation. 

 

I am hoping RCI will re-allocate one or more of the beautiful 'Vision Class' ships to Pullmantur. Royal Caribbean ships were never better, before or since. 

 

I am booked on the repo from Dubai-Athens in March. The best outcome is that the cruise goes ahead on a better ship. The worst outcome would be a refund of deposit. 

 

We can but hope. It is not over until the Fat Lady sings, and she hasn't yet. 

 

Edited June 22, 2020 by Skipper Tim

[travelberlin]

The “reorganization” is under Spanish Insolvency Laws, I understand. It is very unlikely Pullmantur will sail again. There will be a list of creditors to satisfy. 

Ivi

[Skipper Tim]

You appear to be correct, TravelBerlin. From TravelWeekly:

 

______________
 

“Despite the great progress the company made to achieve a turnaround in 2019 and its huge engagement and best efforts of its dedicated employees, the headwinds caused by the pandemic are too strong for Pullmantur to overcome without a reorganisation,” the board said in a statement.

Royal Caribbean Group said guests already booked to sail on Pullmantur will be offered the option to sail on other RCL brands such as Royal Caribbean International and Celebrity Cruises. Details of the offer will be shared with guests in the near future, Pullmantur said.

 

https://www.travelweekly.co.uk/articles/376054/pullmantur-files-for-reorganisation

[Riknpat]

Pullmantur's  current fleet of three ships off to Turkey to be broken up.  Reorganization possible and a reappearance under a similar but different corporate name.  Airlines do it all the time.  RCI is very interested in the Spanish market so is likely to partner with something if not a reborn Pullmantur.