I say Quasi since they still are pursuing operations to stay afloat (pun intended). Happy Cruises operates 3 ships on time charter from ship owners ISP of Miami. The Spanish line apparently is looking for a large, fast, cash infusion to make ends meet. Given Spain’s current economy being one of the worst hit in the EU, its going to be incredibly difficult.
Reports also have Happy Cruises officials trying to rework the current charter parties with ISP.
Their website also is down. http://www.happycruises.es/en/cruises.html