Pullmantur Cruceros, a small cruise outfit partially owned by Royal Caribbean Cruises, is filing for reorganisation under Spanish insolvency laws amid the coronavirus downturn.
Cruises Investment Holding, which owns 51% of the Spanish three-ship line, and Royal Caribbean notified employees of the move on Monday.
"Despite the great progress the company made to achieve a turnaround in 2019 and its huge engagement and best efforts of its dedicated employees, the headwinds caused by the pandemic are too strong for Pullmantur to overcome without a reorganisation," the company's board of directors said.
