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Cash-strapped Norwegian Cruise flags going concern risks
Source: Reuters
BUSINESS NEWS MAY 5, 2020 / 9:22 AM / UPDATED 22 MINUTES AGO
Cash-strapped Norwegian Cruise flags going concern risks
Nivedita Balu
3 MIN READ
(Reuters) - Norwegian Cruise Line Holdings Ltd (NCLH.N), the world’s third-largest cruise operator, raised doubts about its ability to keep running as a business on Tuesday, the first in the sector to signal it may succumb to the coronavirus crisis.
The company’s shares slumped about 14% in early trading on Tuesday as it also launched a $1.6 billion offering of shares and bonds in a scramble to raise money. The company also announced a $400 million investment from a private equity firm.
Norwegian Cruise and rivals Carnival Corp (CCL.N) and Royal Caribbean Cruises (RCL.N) have been among the most high-profile victims of the pandemic after deadly outbreaks on some cruise ships led to extended port quarantines in Japan and California.
The industry was left out of a $2.3 trillion U.S. stimulus package for troubled companies as the major players are all incorporated outside the United states.
-snip-
Cash-strapped Norwegian Cruise flags going concern risks
Nivedita Balu
3 MIN READ
(Reuters) - Norwegian Cruise Line Holdings Ltd (NCLH.N), the world’s third-largest cruise operator, raised doubts about its ability to keep running as a business on Tuesday, the first in the sector to signal it may succumb to the coronavirus crisis.
The company’s shares slumped about 14% in early trading on Tuesday as it also launched a $1.6 billion offering of shares and bonds in a scramble to raise money. The company also announced a $400 million investment from a private equity firm.
Norwegian Cruise and rivals Carnival Corp (CCL.N) and Royal Caribbean Cruises (RCL.N) have been among the most high-profile victims of the pandemic after deadly outbreaks on some cruise ships led to extended port quarantines in Japan and California.
The industry was left out of a $2.3 trillion U.S. stimulus package for troubled companies as the major players are all incorporated outside the United states.
-snip-
Read more: https://www.reuters.com/article/us-norwegian-liquidity/cash-strapped-norwegian-cruise-flags-going-concern-risks-idUSKBN22H1PK
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