The cruise line's leadership said the company has "a small cash flow problem."

While 2025 brought with it the high-profile bankruptcies of airlines such as Play and Spirit Airlines, many companies running tours and travel packages faced an even tougher time due to lower demand and high number of competitors operating in given markets.

In June, British travel company Great Little Escapes was stripped of its license to operate after reporting sustained losses for the two previous years.

Fellow British competitor Jetline Holidays had similarly closed down operations a few weeks earlier, while Swedish tour provider MixxTravel was declared bankrupt by a judge at the end of July.

As part of the order to shut down operations, the latter company had to cancel both future bookings and, in some cases, tours that were already halfway through.

According to the owners, at least 1,200 travelers were abroad at the time of the bankruptcy and had to be brought back using 28.4 million Swedish kronor ($2.93 million USD) in security guarantees from the bankruptcy proceedings.

The latest tour operator to land in bankruptcy proceedings is the expedition cruise line Exploris Expeditions & Voyages. Based out of Nantes in France, the cruise operator was placed under receivership by a local judge.

In what is the equivalent of Chapter 11 in the U.S., French bankruptcy law allows companies unable to manage their debt to continue operations as they look to restructure.

"A small cash flow problem": Cruise line running tours to Antarctica under bankruptcy

"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," Expedis VP Éric Lustman said in a statement translated from French.

Launched in 2022 and running a single ship on expeditions to Antarctica from Argentina, Expedis Exploration had a single ship with room for 144 passengers and 102 crew members.

Plans to expand to an additional ship through a partnership with Adventure Canada were underway for 2026 when the discussions ultimately failed to come through and the key investor pulled out of the agreement in September 2025.

The tours were marketed primarily to French travelers and, according to the cruise line's leadership, were running at approximately 50% during the 2024-2025 season.

"We have made the decision to file for bankruptcy": Exploris Expeditions

"We have made the decision, and this is not something to be taken lightly, to file for bankruptcy protection," Lustman said further. "It is a management decision."

Lustman said that after news of the bankruptcy broke, the tour operator has been in continued talks with investors for potential solutions.

The cruise line executive also confirmed that travelers with booked trips for 2026 had also been reaching out with questions about what it would mean for their booked travel.

As of this writing, the company hass not yet announced any disruptions in operations and says all tours planned for the upcoming expedition season -- Antarctica cruises run from October to March -- are still on.

"We need support to navigate this storm and pursue our polar dream," the cruise line said in another statement.

(The Arena Group will earn a commission if you book a trip.)

Regional cruise line in bankruptcy, trips still on