CMV declines to comment on reports over financing talks

Cruise & Maritime Voyages has declined to comment on reports that it is in talks with investor VGO Capital Management over financing to allow it to navigate the shutdown of the cruise sector.

Sky News reported that the talks were critical to a package being agreed, and a CMV spokesman said: “Financing discussions involving several parties are still ongoing and we are not prepared to make any further comment at this time.”

Last month, CMV confirmed it was in talks with a number of financial institutions and banks to secure additional financing “to improve its liquidity position until sailing will resume again” and said it was confident a deal would be reached.

At that point, Sky said talks with private equity firm Novalpina Capital and existing creditors were halted following a decision by Barclays not to offer a £25 million loan under the Coronavirus Large Business Interruption Loan Scheme.