Posted on 05/05/2020 11:04:14 AM PDT by C19fan
watch now
VIDEO01:30 Norwegian Cruise Line warns of possible bankruptcy
Norwegian Cruise Line warned on Tuesday that it may have to seek bankruptcy protection, saying there’s “substantial doubt” about its ability to continue as a “going concern” as the coronavirus pandemic wreaks havoc on the industry. Shares of the company fell more than 19% in early trading on the news.
In a securities filing, Norwegian said it was in compliance with all of its debt agreements as of March 31, but it couldn’t guarantee that it may need to seek waivers from its lenders. If it cannot amend its credit agreements, the company said it is at risk of default, which would trigger immediate repayment of most of its debt and derivatives contracts. That puts it at risk of bankruptcy.
(Excerpt) Read more at cnbc.com ...
Let them eat lutefisk.
Learning about lutefisk was less entertaining than expected, but thanks.
Norwegian Cruise Line, also known in short as Norwegian, is a cruise line founded in 1966 and incorporated in Bermuda. It is the third-largest cruise line in the world by passengers, controlling about 8.7% of the total worldwide share of the cruise market by passengers as of 2018.
Not our circus, not our monkeys
screw them
My daughter-in-law works for Geico in Indiana, in their Emergency Road Service Department. The call center has been shut down for weeks now, and they're not planning on re-opening until August 1st. My son also works for Geico, in the same department, but he's been out of work, more off, than on for a year, due to cancer surgery, 7 months of chemo, and now side effects from the chemo. They took out 78 lymph nodes during the surgery, so his immune system may never be right again.
Why do you think the Vikings were so angry all the time?
Who the hell is going on a cruise ship these days....?
idiots do
My wife and I went on our first cruise ever from Feb. 8-15, just before the world went all to hell. It was on the Norwegian Breakaway, and it was spectacular. I know that all of the cruise lines are foreign registered, and they don’t deserve any U.S. bailout money, but this still saddens me.
Cruise ships are nothing but floating disaster areas of major illnesses, food borne and otherwise. Make the passengers pay for it all, we don’t need to subsidize any more mass medical treatment and deal huge, spreading death tolls resulting from the idiocy.
The cruise industry will take years to recover and there will be significant excess capacity when cruising resumes. Better to take out the excess capacity, through the bankruptcies of weak firms, than to have the taxpayer subsidizing the industry indefinitely. Who knows, maybe an enterprising entrepreneur will buy the ships up for pennies on the dollar in bankruptcy court and build a new business model for the industry.
I thought people _liked_ to get sick on cruise ships!
That’s great, thanks. :-)
I think both Carnival and Royal Caribbean will survive because they operate cruise ships on a truly worldwide basis.
The airlines will come back; governments will pump as many dollars as necessary to keep the planes flying.
The cruise industry is dead. None of those ships that were built for hundreds of millions of dollars each, was paid for with cash. They all had staggering debt service and the business plan required that they sail 365 days per year. No debt payments for 90 days, and those companies have burned through their capital and loan capacity.
Also, where are the crews? They have scattered. Reassembling them will be virtually impossible.
And then there is fear. The fear that stampeded us off the economic cliff will keep most people from ever booking a tour on a plague ship again.
The cruise industry is dead, Jim.
“Contaminated cruise ship for sale cheap”
“Cruise ships are nothing but floating disaster areas of major illnesses,...”
Not true. There are hundreds of ships and we have been on many of them. Never been sick or had any outbreaks.
Get your facts straight. Covid-19 was a shock to the world and not just the industry.
This is what I have predicted. Due to the slowdown, many companies with workers now “working” from home will see they don’t need as many of them and many are going to lose their jobs.
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