One Ocean Expeditions Owes Creditors CAN$29 Million

RCGS Resolute

One Ocean Expeditions has a creditor list that totals CAN$29.5 million (Canadian Dollar) in debts, according to a Creditor Notice obtained by Cruise Industry News.

The company essentially suspended operations in October with the RCGS Resolute in Argentina Two Russian ships on charter to the Canadian brand were also recalled by their owners in 2019. 

On April 17 the now-defunct expedition cruise brand filed a Notice of Intention to Make a Proposal (“NOI”) pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act (“BIA”) engaging
PricewaterhouseCoopers Inc. LIT (“PwC”) as trustee under the NOI.

“Ongoing efforts in restructuring and repositioning since the sudden and unwarranted withdrawal of our Russian vessels in 2019 have been further challenged under the current global pandemic making filing requisite in the interest of all stakeholders – in short, allowing for the best path forward for OOE and its stakeholders,” the company said in a letter.

Top 20 OOE Creditors:

Creditor Category Owed
321 Direct Passenger Creditors Direct Passengers $4,671,890.22
Export Development Canada (EDC) Business $2,800,000.00
Swoop Travel LTD Agent $1,540,789.24
Bunnys Adventure and Cruise Shipping Limited Business $1,279,435.41
Polar Cruises Agent $1,249,802.76
G&P Group Lucerne Business $1,154,567.68
Delfines S.A. Port Agency Business $1,130,500.00
220 Contractor Creditors Contractors $1,076,958.62
World Fuel Services Corporation Business $862,982.47
Columbia Cruise Services Business $798,000.00
Chater Marine Supply Business $623,703.26
South America Travel Centre Agent $601,380.73
Expedition Trips Agent $552,751.35
Quest Nature Tours Agent $517,624.79
Adventure Life Journeys Agent $424,017.01
Eclipse Travel Agent $397,628.26
Steppes Travel – UK Agent $385,456.21
Forward Travel Agent $326,845.84
Tropical Birding Agent $248,091.55
Exodus Travel Agent $222,209.27

(Amounts are in Canadian Dollars.)

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