Q – If the rumors about Crystal are true and the line is actually going to be sold, do you know who would take over the Serenity and the Symphony? We are anxious to sail our two favorite ships as soon as Covid permits.
A – The owner of Crystal has filed papers to “unwind” the company with the Supreme Court in Bermuda. This generally means that the Court will oversee the dissolution or possibly reorganization of the various parts of the company.
We believe that the Crystel fleet will be attractive to one of the major Hedge Fund Groups that has already shown a strong interest and skill in travel and hospitality. These would include the Apollo Management Group which has held a major investment in NCL, the extremely well-funded Certares Management Group that specializes in distressed acquisitions, and whose Chairman of Global Investments is former Vice-President Dan Quayle, or, perhaps, another major investment group new to hospitality and leisure. Capturing the “Crystal” brand would be an intriguing first step for a firm eager to enter an industry with an enviable financial record since 2008 and prior to the pandemic.
We would love to be more reassuring – but if Crystal does return after a major reorganization approved by its creditors, it will likely do so under new ownership with some major changes in product and personnel.