The UK-based company CMV-Cruise and Maritime Voyages which was at the centre of a repatriation row involving hundreds of crew is in talks with potential investors in a bid to stay afloat.
CMV, which employs nearly 4000 people, is currently in talks with VGO Capital Management, an investor with expertise in the shipping industry, about a rescue deal. An insolvency filing is possible as soon as this week in case the talks fail to progress.
The talks come as CMV attempts to secure a funding package to steer it through a protracted shutdown of operations. A CMV spokesman said that financing discussions involving several parties were still ongoing and they were not prepared to make any further comment at the time.
In June 2020, 5 CMV ships were detained by the UK's Maritime and Coastguard Agency following complaints about expired contracts and late payments.
Some crew (from India and other Asian countries) had been onboard for more than the legal limit of 11 months but were not able to fly home because of international travel restrictions due to Coronavirus (COVID-19).