After more than 25 years in business, Glantre Engineering, entertainment systems designer for numerous cruise ships as well as terra firma installations in Australia, Europe, Malaysia, North America, and the Middle East, has been placed into receivership effective August 12.
In a press release issued by the board of directors, two major contributing factors were cited: the refusal of the company's export credit insurers to pay out on a substantial claim on a contract with the Amedeo Corporation of Brunei; and "the continued and repeated delays of a major Italian shipyard in making payments in respect to work successfully completed by Glantre on several cruise ships."
The chairman of Glantre Engineering, Derek Gilbert, who received a TCI Award in 1995, said: "We are doing everything feasible to minimize the inevitable disruption that this will cause to our customers, by finding companies which will take over the contracts in progress. I am well aware of the domino effect which may result from this, and on behalf of all the directors of Glantre, I would like to say how bitterly disappointed we are at having to take this course of action." Financial director Francis Wells stated that the two debts had been completely beyond the company's control, saying: "Amedeo recently wound up owing $6 billion to its creditors."
Some seafaring projects that Glantre was involved in include: The Queen Elizabeth II for Cunard; the Statendam, Maasdam, and Ryndam, for Holland America Line; the Century, for Celebrity Cruises; the Seawing, for Airtours; and the Sun Princess and Grand Princess, for Princess Cruises. Recently, the company worked on the Disney Magic and Disney Wonder cruise ships and Royal Caribbean International's Voyager of the Sea. In addition to the cruise ship industry, Glantre also worked with theatres, hotels and restaurants, and several themed attractions, among them Sydney's Capitol Theatre in Australia, Athens Concert Hall in Greece, and Hong Kong's "first major themed attraction," the Rise of the Dragon ride at Victoria Peak Development.