Exploris Expeditions & Voyages is seeking judicial recovery in France after facing financial difficulties, reports in France stated.

According to Ouest-France, the expedition company was placed in receivership by the Nantes Commercial Court in late September.

Quoting Exploris’ Co-Founder and President Philippe Videau, the French newspaper noted that the company averaged just 50 percent occupancy earlier this year.

TourMag said that, under French law, the receivership process occurs when a company ceases payment of its debts.

The court-supervised procedure is aimed at allowing the company to continue its activity, maintain employment and settle its debts.

Exploris is now set to operate under the supervision of an administrator while it formalizes a recovery plan, the tourism news source said.

If the proposal is not deemed viable by involved parties, the company can be placed into judicial liquidation, TourMag added.

The company’s upcoming season in Antarctica will go ahead as scheduled, according to the sources.

After acquiring the 132-passenger Silver Explorer from Silversea, Exploris was first announced in 2022.

The company launched service two years later, kicking off a series of expedition cruises around the globe onboard the Exploris One.

With a special focus on polar regions and Northern Europe, the sailings are aimed at French-speaking markets.

Earlier this year, Adventure Canada announced plans to charter the Exploris One from the company for summer cruises in the Arctic.

Ouest-France said that the deal was terminated by the Canadian company, putting financial pressure on Exploris.

“Unfortunately, we have a small cash flow problem that has been exacerbated by this last-minute cancellation by a major charterer, which has made things extremely difficult for us,” the company’s Vice President Éric Lustman was quoted as saying.

According to the newspaper, the contract, which was signed in late 2024, was worth $20 million and called for three years of charter sailings.

“We have made the decision, and this is not something to be taken lightly, to file for bankruptcy protection. It is a management decision,” Lustman added.

Ouest-France noted that Adventure Canada decided to cancel the charter deal due to lower-than-expected occupancy rates.

Exploris is said to be in talks with investors in hopes of securing a four-million-euro cash boost.