Crystal Cruises was removed from Travelex’s financial default list, which is significant because Travelex is the largest travel insurance vendor for Virtuoso, the luxury travel agency network.
Crystal is once again covered by Travelex’s supplier-default coverage, following a $30 million loan that Genting Hong Kong (Crystal’s parent company) received last month.
As part of its ongoing restructuring, Genting received the bridge loan from Golden Hope, a company that holds a 71% stake in Genting. The proceeds will be used for 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 exercises to address liquidity issues.”
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