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Asset sale first step to a relaunch for Cruise & Maritime Voyages

CMV logo.jpg
Christian Verhounig's purchase of CMV's commercial assets could be the trigger to a potential relaunch
The administrators of insolvent Cruise & Maritime Voyages confirmed the sale of UK commercial assets to CVI Group Limited (CVI), a company owned by Christian Verhounig, former chief executive of CMV.

The assets sold include customer databases; computer systems, including websites and booking systems; office furniture and equipment; information technology infrastructure; intellectual property and motor vehicles.

Paul Williams, joint administrator, Duff & Phelps, said it had worked hard since being appointed to secure a sale of the business and assets of CMV and sister companies. ‘Regrettably, given the devastating impact of the global pandemic on the entire travel industry, with a focus on the leisure cruise sector, this has not been possible in this instance.’

He added, ‘I strongly believe that this asset sale not only represents the best value for the companies’ creditors that was achievable in challenging market conditions, but also provides an opportunity for CVI, through its owner Christian Verhounig, to continue to pursue funding opportunities to potentially relaunch CMV’s unique cruise operations to its dedicated customers at some point in the future.’

Untimely insolvency

Verhounig called CMV’s insolvency ‘untimely’ and said ‘the global pandemic had a devastating impact on CMV’s once flourishing, expanding and profitable business. We have been simply overwhelmed by the outpouring of support and pleased to relaunch the business.’

Verhounig called the acquisition of the UK commercial assets ‘a positive first step and we believe demonstrates our firm commitment and optimism to return much stronger and to work alongside our loyal suppliers and creditors to also help mitigate the pandemic impact.’

Laid up cruise ships

CMV’s fleet of Astoria, Astor, Columbus, Magellan and Vasco da Gama are in lay-up at London Tilbury and Marco Polo at Avonmouth, Bristol.

The cancellation of previous advance customer bookings remains unaffected by the sale and details on how affected customers can make a claim can be found on CMV and TransOcean Kreuzfahrten local websites.


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