| Crystal Cruises debt offers

A new york-based investment firm is offering payouts to creditors of the collapsed Crystal Cruises, which is believed to owe more than US$100 million to passengers booked on its voyages prior to the bankruptcy of parent firm Genting Hong Kong earlier this year (CW 20 Jan).

Argo Partners specialises in “purchasing distressed claims in bankruptcies and insolvencies” and has reached out to creditors, including Australian travel agencies, offering “immediate cash settlements” in exchange for the assignment of their claims.

Initial bids seen by Cruise Weekly involve a payment of 5c in the dollar.