The Insolvency Administration of Pullmantur Cruises, Data Concursal, chaired by Francisco Vera, accepts the new, proposed cooperation agreement between the Pullmantur Group and Royal Caribbean Group – shareholder of Pullmantur Cruises – in order to guarantee the viability of Pullmantur Cruises.
Within this framework, Pullmantur Cruises has obtained the necessary funds so that a feasibility plan can be drawn up, incorporating the reorganization process necessary for the future, together with the execution of Future Cruise Credits. It should be remembered that the company declared itself in voluntary bankruptcy in August, at which time Francisco Vera was appointed as bankruptcy administrator. Since then, Pullmantur Cruises has been working on a new business plan that guarantees the future of the company in order to return to operation as soon as possible.
Consequently, Data Concursal intends to implement the project on which it has been working since it took over the insolvency process, to allow the continuity of the company and maximize the recovery of insolvency credits.
In the words of the Administrator, Francisco Vera, “We believe in the potential of a shipping company with the size of Pullmantur Cruises and we are working robustly on the Business Plan with the aim of betting on the viability of the company”.
“In addition” – continues Vera – “we want to reassure those customers who have taken advantage of Future Cruise Credits that we are working hard to ensure that each one of them gets the compensation agreed upon following the cancellation of their reservations”.
In addition, both entities undertake to search, assess and agree the different available alternatives that adapt to the needs of the company’s customers and product that fit within the new business plan. In this way, it will continue in line with the commitment acquired to obtain two Millennium class vessels at Pullmantur’s disposal under the terms derived from the business plan. And, with the idea of improving the offer, staking on a more modern design with a greater number of cabins with balcony.
Pullmantur therefore, is entering a new era full of optimism, with the aim of making a strong return to the cruise industry and reinforcing the personality of a company with a markedly Spanish character.
Future Cruise Credit Program
The cooperation agreement is also an incentive for the execution and disbursement before Christmas 2020 of the Future Cruise Credit, the program launched in July 2020 and aimed at passengers with canceled reservations *.
Thus, and in general terms, Royal Caribbean Group will provide Pullmantur Cruises customers with a new 125% bonus (Future Cruise Credit – FCC) calculated on the amount paid for their cabin rate, and on 100% of the rest of amounts paid to Pullmantur Cruises, in accordance with its conditions. This will be applicable on Royal Caribbean International or Celebrity Cruises cruises.
Likewise, if customers prefer the reimbursement of the amounts already paid to Pullmantur, they also have the option of Royal Caribbean Cruises Group refunding the money.
* Pullmantur Cruises suspended its cruise operations on March 13, 2020 and since then it has not operated again due to the impossibility of doing so in the scenario presented. In June 2020, its shareholders announced their decision to undertake a process of reorganization of the company, based on the measures provided by Spanish bankruptcy regulations.