Pullmantur Cruceros, a joint venture between Royal Caribbean and Cruises Investment Holding, has filed for reorganization under Spanish insolvency laws. Cruises Investment Holding owns 51 percent of the three-ship Spanish cruise line, while Royal Caribbean owns the remaining 49 percent.
Pullmantur’s board of directors issued a statement that reads in part, “Despite the great progress the company made to achieve a turnaround in 2019, … the headwinds caused by the pandemic are too strong for Pullmantur to overcome without a reorganization.”
While the bankruptcy filing impacts only a small cruise operation, it does raise the question — what impact will the pandemic headwinds have on the cruise industry as a whole?