If NCL declares bankruptcy, what happens to skeleton crew onboard?

[mpk]

15 hours ago, tw67 said:

Did I miss something?  Do we think that they will be declaring bankruptcy?

 

Not missing anything.

 

Just the regular periodic bankruptcy talk that makes the rounds from time to time.  You should see the Royal Caribbean forum, it happens much more frequently.  Too frequently imo  🙂

[hallux]

11 minutes ago, mpk said:

You should see the Royal Caribbean forum, it happens much more frequently.

There was even a thread there about the respective CEOs of NCL and RCG being serious about a merger of the companies or a buy-out of NCL by RCG.

 

No, it wasn't posted on April 1...

[npcl]

7 hours ago, chengkp75 said:

And, all of this discussion as to where the bankruptcy filing can take place, or how the creditors are handled, or what happens to the assets of the company has nothing to do with the OP's question of what happens to the crew during even reorganization.  As noted, there is insurance to cover all expenses related to crew remaining on ships at the time of insolvency.

it is somewhat applicable, because if they restructure under US BK law, instead of liquidating under another countries law, the crew would most likely not be impacted. Operations including payments to crew would not be impacted.

[hallux]

30 minutes ago, hallux said:

There was even a thread there about the respective CEOs of NCL and RCG being serious about a merger of the companies or a buy-out of NCL by RCG.

 

No, it wasn't posted on April 1...

I should clarify - I THOUGHT I read this, but now I can't find the thread (likely removed)...

[chengkp75]

9 minutes ago, npcl said:

it is somewhat applicable, because if they restructure under US BK law, instead of liquidating under another countries law, the crew would most likely not be impacted. Operations including payments to crew would not be impacted.

No, the crew will not be impacted in any way, whether they restructure under US law or not, as the insurance takes care of it.  Now, how the company handles it, whether they continue payroll, or whether they pay the bond holder, is a different matter, which won't mean anything to the crew.

[npcl]

6 minutes ago, chengkp75 said:

No, the crew will not be impacted in any way, whether they restructure under US law or not, as the insurance takes care of it.  Now, how the company handles it, whether they continue payroll, or whether they pay the bond holder, is a different matter, which won't mean anything to the crew.

however in a restructure the insurance would not be used, the bonds not touched, the jobs would continue, a bit different than ships seized, the crew getting paid what they are owed and repatriation.

 

a bit of a difference.

Edited September 14, 2020 by npcl