Crystal Cruises is “not going out of business” despite the financial troubles of its parent company, Genting Hong Kong.

Genting halted payments to creditors to conserve cash to maintain operations and is seeking to restructure debt and shore up its liquidity. It attributed the situation on the global shutdown due to the COVID-19 pandemic , which shut down virtually all cruise operations around the world.

“It is important to understand that the company is not going out of business. Whatever option our parent company pursues, it will allow Crystal to operate its business,” the Crystal statement said. “Additionally, we have always been committed to honoring our contractual obligations with guests and travel partners, including the processing of refunds.

“While we have extended our suspension of global voyages until the end of the year, we are working with government and health authorities in our key markets to resume sailing when it is safe to do so and we look forward to welcoming our guests back on board at that time.”

Crystal has canceled all ocean and river voyages through December 2020; it suspended its yacht voyages on the Crystal Esprit through Jan. 9, 2021. Its new 200-passenger expedition ship under construction, the Crystal Endeavor , has been delayed for about a year due to a shutdown at MV Werften. It was originally set for delivery in summer 2020 and then November 2020 .