Tag Archives: investors

CMV investors are out of pocket by £98 Million.

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Cruise & Maritime Voyages went into administration in July 2020 due to the pandemic and has now been dissolved, with creditors owed almost £96.4 million.

In its final report to Companies House, administrator Kroll Advisory said there were insufficient funds to pay secured, preferential or non-preferential creditors.

An unnamed secured creditor which refinanced CMV in February 2020 has a claim for £78.3 million, but administrators say there will not be sufficient funds to cover this. Unsecured creditors are owed around £18 million but will also not receive payouts.

Preferential creditors are mainly 131 employees which lost out on holiday pay totalling £84,000. The report said all had otherwise been paid “the majority” of their salary arrears.

The administrators also revealed details of the sale of assets to Christian Verhounig, CMV’s former chief executive and chairman, who set up a new company, CVI Group, only a month after the collapse.

He paid just £180,000 for computer systems, vehicles and office equipment, including a nominal £1 each for databases and CMV’s intellectual property.

CVI Group planned to launch a similar product to CMV, with ex-UK departures, but Verhounig now runs Ambassador Cruise Line, having given up control of CVI to Njord Partners, Ambassador’s owners, according to documents filed at Companies House.

Write downs a factor in lower Q3 earnings for Carnival Corp.

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Write downs a factor in lower Q3 earnings for Carnival Corp.

By Tom Stieghorst
Carnival Corp. earned $934 million in the key third quarter, down 28% from the $1.3 billion earned in the same quarter last year.

Revenue of $4.7 billion was in line with last year, Carnival said.

Carnival said it had impairment charges of $203 million to write down the value of two older Costa ships, its Ibero Cruises trademark and other items. Those were partly offset by a gain on fuel derivative contracts.

Like other cruise lines, Carnival earns the bulk of its annual profits in the third quarter, which at Carnival includes the months of June, July and August.

For all of 2013, Carnival said it expects to earn $1.2 billion.

Carnival also reported income on a non-GAAP accounting basis, a method favored by some investors. By that measure, it earned $1.1 billion, down from $1.2 billion a year ago.