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Possible Bankruptcy??


trrn2016
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12 minutes ago, trrn2016 said:

Is anyone else concerned that we might not get our refunds if they go bankrupt??

I am more concerned that there will not be a 2021 season. I have pretty much given up on the next 6 months

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If you have FCC, or a cruise in waiting, your (my) wagon is hitched to Princess.

 

Worrying now, particularly if you have no recourse, is wasted.

 

If you have recourse, then you have options: Get a cash refund or join the rest of us.  

 

Sadly, if too many ask for too much cash, everyone may be screwed.

 

It's a crap shoot right now.

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From my point of view, I have a lot more things to worry about right now than to worry about Princess going belly up. That's a lot less likely to happen than some of the other things I'm worried about.

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27 minutes ago, trrn2016 said:

Is anyone else concerned that we might not get our refunds if they go bankrupt??

 

From what I've read by financial experts, it's unlikely that Carnival Corp would go under as they apparently are in a better cash/debt situation than RCCL and NCL. 

I would think it would be more likely that Carnival would dissolve the brand and distribute the ships within their other lines due to the significant brand damage that has occurred to the Princess name.   

 

But realistically, can anyone predict anything that may happen over the next 6 months?  The world literally has been turned upside down and it only took 1 week to do it.  Our lives have been fundamentally changed for the short term.  Who knows if we'll even see the cruise lines return to operation this year if the situation gets much worse.  

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Carnival Corporation has plenty of $.  They will not bankrupt.    Shares do not worry me, never had any type of shares.   Spent all our spare cash on cruising in the past.

Edited by NSWP
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While we have so many things to worry about especially us in the Los Angeles area I do worry not to get my money back. They canceled our Hawaii cruise for April we ask for the money back and yes it close my mind. It is an expensive cruise and we have at least 5-6 more on future cruise deposit. We also had a cruise for June with carnival booked more than a year out for a birthday so the other day when I canceled it before final payment date they said it is not refundable deposit $500.00 I know it’s not true. No way I will book none refundable with a mother who is 85 years. They said the money kept for next time. I called again and they hang up on me.at least I know it is not going to charge the rest. I never did get canceled emil but the cruise is no longer under the manage. So I hope they stay in business and we love to cruise again

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13 minutes ago, Aus Traveller said:

I am not seriously thinking the Carnival Corporation will go bust.

 

Carnival Corporation now kinda like GM back in 09', remember GM had to scale back to decrease costs and get government bailout. Carnival and other lines will surely look to the gov't for a bailout or financial assistance.

They eliminated Oldsmobile, Pontiac and Saturn.

 

Whose to say Carnival Corp won't shed a couple lines (HAL, P&O) to stay in business?

When this thing is over there will be overcapacity of cruise ships.

 

Just my .02

 

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Love all the optimism.  I have been an avid cruiser since the mid-70's and had two cruise lines (Regency and Renaissance) go bankrupt with some of my money.  So it does happen.  Will it happen to CCL?  It is unlikely but anything is possible, especially if the cruise industry shut down lasts more then a few months.  Given a choice we would now want a cash refund as opposed to taking a FCC.

 

Hank

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I am not at all worried.  Of course,  I haven't made final payment yet, so my financial I interest is minimal.  I feel in my gut that this will be resolved within a few weeks. Things won't be the same,  but we'll cruise again. 

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You can look at there financials online.  They have large amount of debt but so do the other cruise lines.  The have no cash coming in and large cash flows going out.  Their survival depends like the rest of the cruise industry how soon cruising returns to normal operations.  They along with the other lines are pushing hard for a government bailout. None of them have large cash reserves.  Most of this has been driven by the explosions of new ships.

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38 minutes ago, tntornadox said:

Carnival is in a much better position than their competitors. RCI and NCLH go into major debt to fund their new shipbuilds whereas Carnival Corp. pays cash for theirs. That's a big reason why their debt rating is much better.

Not right.  Both RCL and CCL are BBB rated, both have been downgraded in the past week.  Both have a substantial amount of debt on their books.

 

From CCL's last 10K as of Nov 30  CCL had 9,675 million in long term debt

From RCL's last 10k as of Dec 31 RCL had  8,414 million in long term debt

 

Long term debt is not the problem with either, both have a problem with short term liabilities and cash flow.  If this last 3 months they both can probably get by, If this lasts longer than 6 both are probably in trouble unless they can borrow a great deal of money.

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Micky Arison, Chairman of CCL Corp., and his family interests have control of 23.9% of CCL Corp stock.

 

At the beginning of 2020, these shares were worth $6,411,494,608.

 

As of Friday they were worth $1,513,632,408.

 

Mr. Arison does not want that $1,513,632,408 to disappear. There will be no bankruptcy.

 
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