This weekend there have been reports of Pullmantur Cruise line going bankrupt. Pullmantur is partially owned by Royal Caribbean International. they own 49% and a Spanish investment firm owns the other 51%.
There have been reports of crew dismantling some of the ships while they are in port in Italy. The entire stage of one ship was being completely dismantled.
Youtubers have been reporting that Pullmantur has canceled all of there cruises through November. Does this mean something?
MarketWatch reported that “Royal Caribbean Cruises Ltd. RCL, -6.87% said its Spanish cruise line Pullmantur Cruceros joint venture with Cruises Investment Holding has filed for reorganization under terms of Spanish insolvency laws, citing the impact of the COVID-19 pandemic. Royal Caribbean’s stock fell 1.7% in premarket trading. Royal owned 49% of the JV, and Cruises Investment owned 51%. Pullmantur had canceled all sailings through November as a result of the pandemic. ‘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 reorganization,’ Pullmantur’s board of directors said in a statement.”
Read a full article about this from Cruiselawnews.com here