A court in Germany has started the process of restructuring the finances of MS Deutschland Beteiligungsgesellschaft, which owns the 1996 built cruise liner Deutschland that is operated by Peter Deilmann Reederei.

The company sought voluntary administration and restructuring by the court earlier this month.

At the same time, a second meeting of bondholders has been called as bondholders representing only 44% of the bonds the company has issued attended the previous meeting on 8 October. In order for its decision to have legal power, the figure should be at least 50% and hence a new meeting has been called for 12 December in Munich.

The court aims to find a way to restructure the finances of the ship owning company so that it can be placed on a solid footing, or as an alternative, to find a buyer for the 22,496 gross ton upmarket vessel. The ship continues to operate normally at the moment and the court aims to ensure its continued operation as scheduled in the future as well.