Pullmantur Cruise’s bankruptcy administrator Data Bankruptcy, plans to sell the last asset of the former cruise operator. The administrator will put the Pullmantur brand up for sale on February 1, and interested companies may submit non-binding offers until February 27.
The process is expected to be completed in April when the cruise line bankruptcy will be finally completed. According to the report presented by the consultant EY, the offers for the brand name must be greater than 177.000 Euros.
The bankruptcy administrator will be responsible for the offers, and he will inform the creditors about the details of the sale through the quarterly report sent to the Commercial Court in Madrid.
Pullmantur Cruises filed for bankruptcy in 2020, as the two major stakeholders Royal Caribbean (with 49% interest) and Springwater Capital (with 51% interest) agreed to proceed with liquidation.
The standstill of the cruise industry caused by the COVID-19 pandemic have made Pullmantur operations untenable without reorganization. Before the company filed for insolvency Pullmantur fleet consisted of three vessels, Sovereign and Monarch (former Royal Caribbean ships) which were sent to the scrapyard in Turkey.
After two years sitting in limbo in Greece, the last Pullmantur ship set sail on its final voyage in 2022. The Horizon set sail to Aliaga ship-breaking yards in Turkey where the vessel was scrapped.
With the dismantling of the Horizon, the entire Pullmantur fleet ceases to exist.
Pullmantur owes money to the crew
In 2021 many Pullmantur crew members sent us messages saying that Pullmantur Cruises owes them money for air ticket expenses charged by the company at the start of the pandemic, and during the repatriation.
This issue should be addressed by the authorities involved in the Pullmantur process including the Insolvency Administration headed by bankruptcy administrator Francisco Vera. The company owes money to the crew as well as the travel agencies and the HQ employees in Madrid. The return of the money to the crew must be a top priority.
