Crystal Cruises, the US based luxury cruise shipping company, has acquired the 1998 built German luxury cruise liner Deutschland for €50 million, a German media report says.

Schiffe-und-kreutzfahrten.de, the wbsite that unveiled the news, said Crystal would not retain the German flag on the ship. Cruise Business Online has not been able to obtain confirmation for the report from Crystal Cruises.

A court in Germany started bankruptcy proceedings of Peter Deilmann Reederei, the ship’s operator and the ship owning company controlled by parties not related to Deilmann on the New Year’s day, Deilmann said in a statement.

The ship was built in Germany in 1998 and its interiors are inspired by great ocean liners at the turn of the last century. However, it only has a few balcony cabins. The ship can accommodate 520 passengers.

Crystal Cruises, which is part of the Tokyo based Nippon Yusen Kabushiki Kaisha (NYK) group, has stated that it wants to expand its current fleet of two ships to seven units. The acquisition of Deutschland would establish the company strongly on the German speaking market.