Crystal Cruises has been removed from Travelex’s list of financial failures, which is significant given that Travelex is one of the largest travel insurance providers for Virtuoso, the luxury travel agency network.
Crystal is back under Travelex supplier default insurance after Genting Hong Kong (Crystal’s parent company) received a $ 30 million loan last month.
As part of his ongoing restructuring, Genting received the bridging loan from Golden Hope, a company that owns 71% of Genting’s shares. The proceeds will be used as working capital.
Golden Hope is owned by Genting’s majority owner, CEO Lim Kok Thay.
The loan is part of Genting Hong Kong’s restructuring plan, which includes “fundraising measures to resolve liquidity problems”.