The bankruptcy administration of Pullmantur Cruises, Data Concursal, chaired by Francisco Vera, has secured a cooperation agreement between the Pullmantur Group and Royal Caribbean Group – a shareholder of Pullmantur Cruises – to ensure the company's viability.
Within this framework, Pullmantur Cruises has secured the necessary funds to proceed with the development of its viability plan, as well as to carry out the reorganization process required to adapt the company to the new reality and to finalize the Future Cruise Credit. It should be recalled that the company filed for voluntary insolvency proceedings in August, at which time Francisco Vera was appointed as insolvency administrator. Since then, Pullmantur Cruises has been working on a new business plan that guarantees the company's viability and allows for a return to operations as soon as possible.
Thus, Data Concursal intends to implement the project it has been working on since taking over the insolvency process to allow the continuity of the company and maximize the recovery of insolvency claims.
In the words of the Administrator, Francisco Vera, “we believe in the potential of a cruise line of Pullmantur’s stature and are working intensively on the Business Plan with the aim of ensuring the company’s viability.” “Furthermore,” Vera continued, “we want to reassure those customers who have opted for the Future Cruise Credit that we are working hard to ensure each of them receives the agreed compensation following the cancellation of their reservations.”.
Furthermore, both entities commit to seeking, evaluating, and negotiating the various available alternatives that meet the needs of the company's clients and product and that fit within the new business plan. This will continue the commitment made to acquire two Millennium-class vessels for Pullmantur, under the terms derived from the business plan, with the aim of improving the offering, opting for a more modern design, and providing a greater number of cabins with balconies.
Pullmantur thus enters a new stage full of optimism, with the aim of returning strongly to the cruise industry and reinforcing the personality of a company with a distinctly Spanish character.
Future Cruise Credit Program
The cooperation agreement also provides 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 cancelled reservations*.
Thus, and in general terms, Royal Caribbean Group will provide Pullmantur Cruises customers with a new Future Cruise Credit (FCC) worth 125% of their cabin fare and 100% of all other amounts paid to Pullmantur Cruises, in accordance with its terms and conditions. This credit will be applicable to Royal Caribbean International and Celebrity Cruises cruises.
Similarly, if customers prefer a refund of the amounts already paid to Pullmantur, they also have the option of having Royal Caribbean Cruises Group carry out the refund.
