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Norwegian Cruise Line Holdings (NCLH) released its second-quarter results today, August 9, which showed positive improvements over the company’s results in previous quarters. However, the company still posted a loss of $509.3 million. Banking on improved occupancy rates and easing the health and safety protocols relating to COVID-19, Norwegian Cruise Line Holdings is optimistic it will be turning the losses around in the near future. The company has already posted a positive cash flow since March this year and expects to post record numbers in 2023. NCLH Looks back At Positive Developments In Second Quarter Despite posting a loss of...

The problems surrounding the demise of Crystal Cruises are becoming clearer by the day. And through it all, the financial issues could hit those who booked cruises onboard the Crystal ships harder than the company had initially forecasted. According to the former CEO for Crystal Cruises, Jack Anderson, the company owes more than 100 million in outstanding deposits. This should pose no problem for those who paid by credit card for upcoming cruises. Those with FCC’s, which are now worthless, and those that paid cash for a cruise, will likely never see their money. Genting Hong Kong Abandons Crystal Cruises...

<p>Reminds me of something Mike Murphy said about Trump in the aftermath of Jeb’s collapse. The logic in favor of nominating another Bush was always, er, complicated, but the logic against nominating a loose cannon is straightforward.</p> <p>I’ll bet even Murphy didn’t think Trump would advertise the possibility that America’s creditors might not receive payment in full in a Trump administration. Choose your own preferred term for what he’s recommending here — renegotiation, bankruptcy, default.</p>

Almost every option facing debt-drenched Greece is bad, but there is only one that will end this Greek tragedy for good. Let Greece go bankrupt. Then let this once-rich nation, hit the restart button to rebuild its economy. What I’m suggesting for Greece is what might be called the Detroit option. Put Greece under receivership and let these new authorities figure out how to manage the debt and decide who will take a haircut and how big. Pensioners, bondholders, welfare recipients, government workers, the International Monetary Fund, all will have to settle for less — maybe a lot less. It’s...

DETROIT (AP) -- Michigan Gov. Rick Snyder says some Detroit creditors are not sure they will be repaid. Snyder was speaking Friday, a day after Emergency Financial Manager Kevyn Orr made Detroit the biggest ever U.S. city to file for bankruptcy.

My best friend's mother is a 77 year old widow who does seamstress work on her own but in the past, did work for a variety of companies. This elderly woman, as a result of her business slowing down, became delinquent with her unsecured credit card debt. She was honest with the creditors and her daughter even spoke to them as well. What is happening is not only is the bank calling the woman everyday at home and asking her to pay or seek out friends and family for money, but they are calling her past places of employment as...

<p>WASHINGTON (AP) — Bill collectors are exploiting a legal loophole to seize Social Security and veterans' benefits even though federal law is supposed to protect the payments from creditors.</p> <p>Lawmakers from both parties who have been pressing the Treasury Department for years to close the loophole with new regulations are growing impatient. The Obama administration is now promising action but has offered no timetable for developing the new rules.</p>

Chrysler Group LLC's restructuring is altering the bankruptcy landscape well beyond the auto industry. Within days of a bankruptcy-court judge's approval of the government's plan to sell Chrysler to Fiat SpA and leave creditors with big losses, a lawyer in the bankruptcy case of the National Hockey League's Phoenix Coyotes invoked Chrysler in trying to push through the speedy sale of the team. Should the judge approve that move and allow the Coyotes to be sold quickly, as Chrysler was, it could put some creditors out in the cold, leaving the NHL and other investors without the kind of input...

[T]here is no escaping the long-term damage that has been inflicted on credit markets by the Obama administration’s attempts to reward the United Auto Workers, one of the president’s strongest supporters in the last election, while trampling decades of legal precedent regarding owners of corporate debt. The G.M. debacle is déjà vu all over again. In the Chrysler bankruptcy arranged by the government in April, bondholders also got short shrift, while the union, which might have received little or nothing in a normal bankruptcy, was awarded 55 percent of the company. ... [I]n its high-handed dealings with Chrysler and G.M.,...

Barring a sunrise at night, General Motors Corp. is headed for an orderly bankruptcy, and the Obama administration is about to be handed the keys to a venerable corporate institution. Again. And again, the administration seems to be rewriting the rules of capitalism to fashion a deal to its liking. Purists - and virtually every academic economist one happens to encounter - wonder what happened to the once inviolate principle of rewarding risk-takers. Unsecured creditors will get less of a stake in the new GM than its employees, and you can forget about poor unadorned stockholders. As in the deal...

General Motors does not plan to sweeten its debt exchange offer to bondholders, even though its failure would probably push the company into bankruptcy, G.M.’s chief executive said Monday. Bondholders who hold more than $27 billion in G.M. debt have until May 27 to decide whether they will swap their bonds for shares of a restructured G.M. The company has said it needs 90 percent of the bonds to be exchanged in order to meet Treasury Department guidelines to receive billions of dollars in additional loans. Analysts say that is unlikely to happen. If not enough bondholders agree to the...

... Pulling a trick from the hedge-fund playbook, the government used its leverage as the sole willing lender to Chrysler, either in bankruptcy court or out, to extract deep concessions from some of the country's biggest banks. The results of these hardball tactics were on display Friday, as the last resisters of a deal to slash the value of Chrysler debt abandoned their effort to fight it in bankruptcy court. That raised the chances for a relatively swift transit through Chapter 11, producing a new Chrysler 55%-owned by a trust for union retirees, 35% by Fiat SpA -- which hasn't...

So much for any hope that the government would uphold rules and abiding by contracts. Instead, we keep getting examples of something else – that when President Obama fails to persuade firms to follow his wishes, he does not hesitate to use threats of financial destruction. Cliff Asness, the co-founder of the $20 billion hedge fund AQR Capital Management, laid bare the latest attacks with an open letter on Wednesday: “The President screaming that the hedge funds are looking for an unjustified taxpayer-funded bailout is the big lie writ large. Find me a hedge fund that has been bailed out....

A group of Chrysler creditors opposing the carmaker’s reorganization is likely to disband after two more investment firms withdrew from its membership, a person briefed on the matter told DealBook on Friday. The withdrawals of OppenheimerFunds and Stairway Capital Management will likely drop the group, calling itself the Committee of Non-TARP Lenders, below 5 percent of Chrysler’s $6.9 billion in secured debt, this person said. That would almost certainly eliminate the group’s standing in federal bankruptcy court. Ever since the group made public last week, its membership has shrunken by the day as it faced public criticism from President Obama...

One participant in negotiations said that the administration's tactic was to present what one described as a "madman theory of the presidency" in which the President is someone to be feared because he was willing to do anything to get his way. The person said this threat was taken very seriously by his firm.

Detroit, Mich. — The scandal over White House threats to Chrysler debt holders got deeper yesterday — and its MSM cover-up more inexcusable — as two more representatives of creditors corroborated lawyer Tom Lauria’s account that the Obama administration threatened them with ruin if they did not accept Chrysler’s restructuring terms giving 55 percent of the company to the UAW. Media outlets like MSNBC pooh-poohed Lauria’s account over the weekend by noting that Perella Weinberg — the firm allegedly threatened for not taking the administration’s forced deal of 29 cents on their investment dollar — denied the allegation. Others noted...

Robin Hood Obama pulled a fast one just the other day. The Chrysler 'surgical' bankruptcy seems to be highway robbery foisted on its secured creditors and the American taxpayers.

Business Insider reports that more than one Chrysler senior creditor has corroborated Thomas Lauria’s allegation that the Obama administration threatened them with public attacks if they didn’t surrender their contractual rights. One of their sources says that the Obama team comprises some of the worst “ends justify the means” people he’s ever encountered (via HA reader Geoff A):

President Obama's vision of the future is, apparently, an economy guided, steered and — when the occasion demands — commanded by the federal government. Some of the companies will remain private. Washington will take others over. But all will look to the White House, as to an orchestra conductor, for signals as to how and when and where to proceed. This summary is the vision that emerges from the Chrysler bailout. Whether or not one believes the claims of attorney Thomas Lauria (I do) that the investment bank Perella Weinberg Partners was strong-armed by the administration, the fact remains that...

President Barack Obama Blamed Chrysler's bankruptcy on "speculators," but the real problem was that the government's plan gave too much to the auto maker's unions and not enough to creditors. If the secured creditors holding $6.9 billion in claims had been offered anything close to what the administration wants to give the United Auto Workers, there would have been no bankruptcy filing by Chrysler. In the bizarre pecking order offered by the administration, the unions, which are at the bottom of Chrysler's capital structure, would get nearly full recovery value for their $10.6 billion retiree health-care claims, while the secured...