- Exploris Expeditions filed for bankruptcy protection under French receivership but continues scheduled Antarctic sailings while seeking new investors.
- Industry-wide post-pandemic pressures and recent partner cancellations fuel travel bankruptcies; passengers should check insurance and credit protections.
NANTES, France — In a year that’s already seen a string of high-profile collapses across the travel industry, Exploris Expeditions & Voyages, a boutique French cruise operator specializing in polar adventures, has filed for bankruptcy protection under French law.
The move, announced this week, allows the Nantes-based company to keep sailing while it scrambles for fresh investment — a lifeline that’s left passengers with upcoming bookings breathing a little easier, at least for now.
The filing comes as no surprise to those tracking the sector’s woes. Exploris, which launched its operations in 2022 with a single expedition vessel carrying 144 passengers and 102 crew, has been navigating choppy waters since its debut.
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Marketed almost exclusively to French travelers, the line’s Antarctica itineraries — departing from Argentina and running October through March — have hovered at about 50% occupancy during the 2024-2025 season.
What tipped the scales was a double whammy: a collapsed partnership for a second ship and a sudden pullout by a major charter client in September.
“Unfortunately, we have a small cash flow problem that has been exacerbated by this last-minute cancellation by a major charterer, which has made things extremely difficult for us,” said Éric Lustman, vice president of parent company Expedis, in a statement.
He didn’t mince words about the gravity of the situation, stating, “We have made the decision, and this is not something to be taken lightly, to file for bankruptcy protection. It is a management decision.”
Under France’s receivership process — akin to Chapter 11 in the U.S. — a local judge placed the company in judicial oversight, giving it breathing room to restructure debts without halting day-to-day business.
As of Monday, Exploris confirmed that no sailings have been disrupted.
All planned trips for the current Antarctic season remain on schedule, and even 2026 bookings are holding steady, though inquiries from anxious travelers have spiked since the news broke.
“We need support to navigate this storm and pursue our polar dream,” the company said in a follow-up release, underscoring its hunt for new backers.
Leadership has been in “continued talks with investors for potential solutions,” Lustman added, hinting at optimism amid the uncertainty.
A Disruption in The Industry Followed by Bankruptcy
This isn’t an isolated storm in the cruise world. Exploris joins a grim parade of regional players buckling under post-pandemic pressures, from sluggish demand to fierce competition and ballooning operational costs.
Back in February, American Queen Voyages (AQV), a U.S.-based river and expedition specialist, abruptly shuttered after filing for Chapter 11, canceling all future sailings and leaving ports along the Mississippi and beyond scrambling.
“The overnight cruise industry was especially affected by the Covid-19 pandemic and related changes in travel preferences,” AQV stated at the time. “Despite great efforts by our team, crew and partners, demand has not recovered, and AQV has become financially unsustainable.”
The fallout rippled quickly. Vicksburg, Mississippi, alone projected a $1.14 million hit to its 2024 tourism revenue, with local officials calling it a “blow” to riverfront businesses.
In The Dalles, Oregon, AQV’s bankruptcy axed more than 20 dockings for the season, potentially costing the community over $110,000 in visitor spending.
“The cancellation could mean a $110,000+ loss in tourism dollars for The Dalles,” noted a local chamber of commerce report, though efforts are underway to lure more tour buses from rival American Cruise Lines to fill the gap.
Rivals didn’t waste time circling the wreckage. Just weeks later, American Cruise Lines snapped up four of AQV’s iconic paddlewheelers — including the American Queen, the largest of its kind — for $6.3 million in a bankruptcy auction.
“American Cruise Lines is pleased to be the successful bidder for AQV’s river vessels,” the company said in a terse statement. “We look forward to announcing additional details as we move through the bankruptcy process.”
The acquisition bolsters ACL’s fleet to 19 vessels by year’s end, with five more newbuilds slated for delivery by 2026, capitalizing on a rebound in domestic river cruising.
Massive Industry Leaders Feel the Bankruptcy Sting
Europe’s niche operators haven’t fared much better. Sweden’s MixxTravel declared bankruptcy in late July, stranding at least 1,200 travelers on ongoing tours and forcing the use of 28.4 million Swedish kronor ($2.93 million) in security funds for emergency repatriations.
“Future bookings were canceled, and ongoing tours disrupted,” reports detailed, a stark contrast to Exploris’ vow to soldier on.
Britain’s Great Little Escapes lost its operating license in June after racking up sustained losses, while Jetline Holidays shuttered weeks earlier amid similar woes.
Even bigger names have felt the pinch. Hornblower Group, AQV’s parent and a century-old operator of ferries and cruises across 125 U.S. cities, filed for Chapter 11 in February with debts between $1 billion and $10 billion.
“The brand heritage of our organization dates back nearly 100 years,” Hornblower noted, but pandemic-era shutdowns proved too much.
A new investor, Strategic Value Partners, stepped in by August, ousting the CEO and charting a path forward — a blueprint Exploris might envy.
For passengers eyeing Exploris or any at-risk line, experts stress vigilance.
“If you’re worried about your cruise line going bankrupt, make sure your insurance policy covers the bankruptcy of a travel provider,” advises Scott Adamski of AIG Travel.
Credit card protections can claw back charges within 60 days, and policies with “financial default” clauses offer another safety net.
Vantage Deluxe World Travel’s 2023 collapse left thousands in limbo, but many recouped via refunds or credits after a court-mandated process.
As 2025 winds down, the question lingers: Will Exploris emerge leaner, like Hornblower, or fade like AQV?
For now, those icebound voyages from Ushuaia to the Antarctic Peninsula are full steam ahead — a fragile reminder that in travel, as in the Southern Ocean, calm seas can turn on a dime.
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