One Ocean Expeditions Avoids Bankruptcy as B.C. Court Approves Restructuring Plan

Beleaguered B.C.-based luxury cruise company One Ocean Expeditions will be allowed to restructure its business to avoid bankruptcy, a judge ruled Wednesday, CBC reported. The company's proposal, which includes providing creditors — some who paid tens of thousands of dollars for voyages that never happened — the option of using that money toward a future trip is "fair and reasonable" and in the best interest of stakeholders, B.C. Supreme Court justice Sandra Wilkinson said. The company is nearly $29.5 million in debt and was forced to seek creditor protection earlier this year when the leases on two of its ships were cancelled. Over the past two years, one of OOE's ships collided with a rock in the Arctic Ocean, while another was arrested and held in harbours in Iqualuit and Buenos Aires for non-payment of debts. Read more