Cruise operator Dream Cruises has confirmed it will cease operations from March 2 due to an absence of sustainable operational income.
Singapore.- Cruise operator Dream Cruises has confirmed it will cease operations from March 2 due to an absence of sustainable operational income.
The company stated: “Despite the continued efforts to source and introduce external funding, the group’s liquidity continues to deteriorate given the absence of sustainable operational income under current challenging circumstances and in the face of mounting creditor pressure which poses an immediate threat to the operation of the vessel.”
The company said it was “assessing the impact of the cessation of operation of the World Dream, in particular its ability to meet potential refund claims.”
In early February, Dream Cruises filed a court petition to be wound up after MV Werften Holdings Ltd (MVWH), the company’s shipyard located in Germany, filed for bankruptcy in January. Genting Hong Kong’s petition to appoint joint provisional liquidators for the company “triggered further insolvency of the debts of Dream Cruises and its subsidiaries,” the statement said.