Royal Caribbean Group (RCL) and Cruises Investment Holding have announced that they have filed for Pullmantur Cruises joint venture reorganisation.

It has been carried out according to the Spanish insolvency laws.

Cruises Investment Holding owns a 51% stake in the joint venture, while the remaining 49% is owned by RCL.

Pullmantur Cruises board of directors said that the unforeseen impact of the ongoing global Covid-19 pandemic has made the decision necessary.

The company’s employees were informed by the Pullmantur management after the filings were completed with the authorities.

The board said: “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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Due to the travel restrictions and health concerns, the company suspended the cruise sailings until 15 November.

RCL said that the guests who have booked Pullmantur cruise voyages can opt to sail on other trips offered by other RCL brands.

The offer details will be shared in the future with the guests.

On the three ships of Pullmantur, the crew are stationed at minimum maintenance levels and their return home will be managed by the company.

RCL said that ‘that all of its assets related to the Pullmantur Cruceros joint venture had been included in the non-cash asset impairment charges reported in their first quarter of 2020 results’.

In March 2018, RCL and Ctrip announced plans to terminate the China-based SkySea Cruise Line joint venture within the year.