Crystal Cruises has suspended its operations after reports that its parent company, Genting Hong Kong, has run out of cash.
The cruise line announced late Wednesday that it was pausing sailings through April 29, 2022, for its three ships, Crystal Serenity, Crystal Symphony and Crystal Endeavor.
River cruises, which were paused for the winter but planned to restart in March, are now on hold through May.
"This was an extremely difficult decision but a prudent one given the current business environment and recent developments with our parent company, Genting Hong Kong," said Crystal Cruises president Jack Anderson.
"Crystal has been synonymous with luxury cruising for more than 30 years, and we look forward to welcoming back our valued guests when we resume operations," he continued. "We wish to thank our guests and travel advisors for their incredible support during these ongoing challenging times."
Passengers should receive a full refund of the cruise fare paid processed to the original form of payment.
For those who booked with a future cruise credit, the full value of the cruise will be returned to their Crystal Society account.
Earlier reports noted that Crystal's parent company had been struggling after being hammered during the pandemic. Last week, Genting Hong Kong's MV Werften shipyard in Germany filed for insolvency. Adding to its woes, the parent of Crystal, Star Cruises and Dream Cruises filed a petition in a Bermuda court that will see provisional liquidators appointed.
In a statement prior to the announcement that Crystal would suspend operations, the company said: "Certain business activities of the group, including but not limited to the operations of cruise lines by Dream Cruises Holding Limited, shall continue in order to preserve and protect the core assets and maintain the value of the group, however it is anticipated that the majority of the group's existing operations will cease."
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