December 8, 2021


The travel folks

Norwegian Cruise Line Holdings Expresses Uncertainty for the Future

2 min read

In a securities filing presented to the United States Securities and Exchange Fee on Tuesday, Norwegian Cruise Line Holdings Ltd. (NCL) warned it could have to search for individual bankruptcy security, noting “management’s conclusion pertaining to sizeable doubt about the Company’s capacity to keep on as a likely concern.”

The filing claims, at December 31, 2019 and March 31, 2020, NCL was in compliance with all of its credit card debt covenants however, if it are not able to keep on to continue to be in compliance with these agreements, the firm would have to search for additional amendments and that “no assurances can be built that these kinds of amendments would be permitted by our loan providers.” Ought to an celebration of default below any credit card debt settlement manifest, then all of NCL’s superb credit card debt and by-product contract payables could grow to be thanks and all credit card debt and by-product contracts could be terminated. This, according to CNBC, places the firm at risk of individual bankruptcy.

COVID-19 has had, and is expected to keep on to have, a significant impact on our monetary issue and functions, which adversely affects our capacity to get hold of satisfactory funding to fund resulting reductions in money from functions,” the filing claims. “The existing, and unsure foreseeable future, impact of the COVID-19 outbreak, which includes its impact on the capacity or drive of folks to travel (which includes on cruises), is expected to keep on to impact our effects, functions, outlook, designs, goals, progress, status, money flows, liquidity, demand from customers for voyages and share rate.”

It continues: “If we are not able to satisfy our liquidity requires by way of running money flows and/or borrowings below credit rating services or otherwise in the capital markets, our small business and monetary issue could be adversely affected and it could be necessary for us to reorganize our firm in its entirety, which includes by way of individual bankruptcy proceedings.”

In a separate announcement on Tuesday, NCL Company Ltd., a subsidiary of Norwegian Cruise Line Holdings Ltd., announced a private placement of up to $400 million by an affiliate of L Catterton, a private equity organization.

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