AQV has also applied for bankruptcy protection to obtain more time to issue refunds to customers. 

AQV announced it had cancelled all future cruises and ceased trading on Tuesday (20 February). 

Rupert Thomson, managing director of Light Blue Travel, which acted as a GSA for both trade and direct bookings with AQV, said customers would be offered the choice of switching onto a similar voyage with another supplier, or a full refund. 

Consumers with a future travel credit or voucher issued by the failed cruise line will not be able to redeem them. 

Meanwhile, Hornblower Group – AQV’s parent – has reportedly entered into an agreement with its investors that will position the company for a successful future.

Under the terms of the deal, global investment firm Strategic Value Partners and its affiliates, will acquire majority ownership of Hornblower and provide significant equity to the business. 

In addition, AQV will be sold or, if a sale cannot be achieved, its operations will be wound down. 

The company said in a statement that it was looking to sell AQV because the cruise line had not rebounded from the pandemic.