A pair of former Crystal Cruises ships that had been under arrest in the Bahamas for months was recently sold at auction for a combined $128 million, according to local newspaper The Tribune.
Citing Richard Horton, attorney and partner at Alexiou, Knowles and Company, the publication reported that Crystal Serenity sold for $103 million while the older Crystal Symphony sold for $25 million.
The ships were sold to CSE Ltd and CSY Ltd, which are believed to be special purpose vehicles (SPVs) or entities specifically created to acquire and hold the two ships, with CSE standing for Crystal Serenity and CSY being short for Crystal Symphony.
Both ships were detained in Bahamian waters at the beginning of the year after Crystal Cruises ceased operations. It's been reported that Royal Caribbean Group's Silversea Cruises has acquired Crystal's expedition ship Crystal Endeavor.
Proceeds from the reported $128 million sale will be split between Crystal's various creditors, with the court to determine the priority.
The 960-passenger Crystal Symphony was built in 1995 while the 1,040-passenger Crystal Serenity was built in 2003.
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