Norwegian Cruise Line sees ‘substantial doubt’ about its future, warns of possible bankruptcy as it seeks to raise $2 billion

CNBC ^ | May 5, 2020 | William Feuer

[C19fan]

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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.

[Magic Fingers]

Sounds like your son is a tough, independent-minded guy...which unfortunately can make any obstacle to being self-supporting extra troubling. Neuropathy plus hives - damn! I hope some of that hell resolves soon.

I was curious about your DIL’s status as my daughter also works for a (different) major insurance company, although since she’s in claims they have kept her active (working from home), for now at least. They’ve been told that the company’s holding off on any RIF’s until July...but that’s just when it starts, not when it ends. Her claim volume initially dropped 50% but has since increased somewhat after they reassigned some people in her area to other branches of the claim world.

[mass55th]

Since my daughter—in-law works in the Emergency Road Service Department, and takes calls from customers all over the country, the fact that people aren’t driving their cars very much, has more than likely decreased the volume of calls coming into the department. I know they have allowed some workers to work from home, but they don’t need the number they did prior to the lockdown of the main call center. I’m just worried that Geico will use the lockdown as an excuse to get rid of people like my daughter-in-law. She’s only got about two years in with the company. And nobody is irreplaceable.

[Magic Fingers]

I hear you - that’s the same amount of time my daughter has in with her employer. She’s been hitting all her metrics, but still...

[Magic Fingers]

PS My daughter works in auto claims, so the drastic reduction in driving has similarly impacted her work load :(.

[mass55th]

I’ll keep your daughter, and your family in my prayers.

[Magic Fingers]

Thanks much, and same to you and yours!