Substantial Doubt of 'Going Concern'

[tallnthensome]

1 minute ago, billyu said:

 

I wouldn’t think it will last very long after the next round of cancellations.

 

 

Stock down 18% at the moment. They have no choice now but to sail as soon as they can even with all the risks .... They have to spin the roulette wheel and bet the house on black . 

[Trimone]

The company is preparing to provide cash refunds for passengers whose cruises were canceled. While the company is also offering 125% future cruise credits, it said it “approximately half of the guests who have had their voyages cancelled and who have contacted us have requested cash refunds.”

Even if guests accept the credit, the company warned that would mean diminished future revenue when the company can resume sailing.

Think of all the staff, hope they’ve Paid..

[vpearlkc]

3 minutes ago, tallnthensome said:

They need more than $400 million. That will float them a few more months but that doesn’t even take into consideration the amount of money still owed in cash refunds. This fall season with Hurricanes and a full length season of flu/Corona starting in September will stick a knife in them .

Well then it looks like L Catterton may end up with a great cruise line.

[HANSENDE]

"Norwegian Cruise Line said there is “substantial doubt” about its ability to continue as a “going concern” as the coronavirus pandemic wreaks havoc on the industry, warning that it may need to seek bankruptcy protection if it cannot line up enough financing in the coming months.

The coronavirus outbreak, “including its effect on the ability or desire of people to travel (including on cruises), is expected to continue to impact our results, operations, outlook, plans, goals, growth, reputation, cash flows, liquidity, demand for voyages and share price,” the company said in a securities filing published Tuesday. “These factors have raised substantial doubt about the company’s ability to continue as a going concern.”

 

Norwegian said it was in compliance with all of its debt agreements as of March 31, but it couldn’t guarantee that going forward and 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.

If it’s not able to maintain enough liquidity, “our business and financial condition could be adversely affected and it may be necessary for us to reorganize our company in its entirety, including through  bankruptcy proceedings, and our shareholders may lose their investment in our ordinary shares,” the company said. "

[EscapeFromConnecticut]

54 minutes ago, Nclcruise1415 said:

I'm not about to believe every single article that comes from the media. NCL has been able to put off some loans for up to a year on some of their ships and they're currently working different avenues (like many other lines) to protect and increase capital.

 

As much as you like to read the fear mongering articles you can also find articles that are telling what the lines are doing to protect themselves.

 

The statement came from NCL's own SEC filing.

Some CC folks show a kneejerk - and uninformed - contempt for America's news media. You'd think they'd have learned after January, February and March when CC was flooded with posts dismissing "the mainstream drive-by hype about this virus, which is nothing but the flu."

 

 

[Ptroxx]

Seem they just got 400ml to try and help. 


 

https://finance.yahoo.com/amphtml/news/ncl-corporation-ltd-announces-400-124922589.html

Edited May 5, 2020 by Ptroxx

[david_sobe]

Wait a minute.... I just booked Alaska for July

 

 

 

 

 

🤑 lol

 

 

Seriously.  Of course things are rock bottom but I have faith they will recover. Maybe I am an optimist but I think they are leveling with people.  Its always best to always give worst case scenario.  Sort of the opposite of what our government does.  This way the sky is the limit.  If you paint rosy pictures, you will crash and burn.  Its also unfair to compare them to Carnival because Carnival got a huge bailout from you know who.  

Edited May 5, 2020 by david_sobe

[billyu]

5 minutes ago, seaman11 said:

We will see. we know there is still plenty of ppl home not spending money for months and itching for a getaway. we also know by the protests and beach gatherings already at the end of april ,that many do not care about the risk. it is taking longer than i expected. as far as starting up slowly,  RCL still saying it will start up in july.  and carnival the 1st of aug.   i think it will depend on how fast these covid cases decline , va announced the curve is already flattened where i live. 

I'm am itching to go on a trip. But the reality is no one is going anywhere for a long time.

 

Just because a cruise line says they are sailing doesn’t mean the ports will allow them to sail are be used for ports of call. This is just wishful thinking from the cruise lines.

[ECCruise]

1 minute ago, david_sobe said:

Wait a minute.... I just booked Alaska for July

 

 

 

 

 

🤑 lol

 

 

Seriously.  Of course things are rock bottom but I have faith they will recover. Maybe I am an optimist but I think they are leveling with people.  Its always best to always give worst case scenario.  Sort of the opposite of what our government does.  This way the sky is the limit.  If you paint rosy pictures, you will crash and burn.  Its also unfair to compare them to Carnival because Carnival got a huge bailout from you know who.  

It is an SEC filing.  It's not like they are just being nice guys giving you information.

It is required by law.

[billyu]

9 minutes ago, tallnthensome said:

Stock down 18% at the moment. They have no choice now but to sail as soon as they can even with all the risks .... They have to spin the roulette wheel and bet the house on black . 

 

I don’t think it will happened. What ports will even be open?

 

[seaman11]

Just now, billyu said:

I'm am itching to go on a trip. But the reality is no one is going anywhere for a long time.

 

Just because a cruise line says they are sailing doesn’t mean the ports will allow them to sail are be used for ports of call. This is just wishful thinking from the cruise lines.

as long as there are no covid setbacks, why would you think they would remain closed, if beachs and parks, casinos  , restaurants and bowling allys are open?   eventually it has to start up again. it could be delayed as it has been but it has to go sometime. 

[tallnthensome]

1 minute ago, billyu said:

 

I don’t think it will happened. What ports will even be open?

 

I agree with you, I am just saying they better go somewhere, anywhere ..... They better ask the government to allow Cruises to nowhere again. 

[dexddd]

I was going to try and help with financing by booking 11 night GV on Star next summer for $39,000, after all discounts.

 

My investment stands at $150 CN good for 3 years, for my convenience, of course.

[tallnthensome]

3 minutes ago, seaman11 said:

as long as there are no covid setbacks, why would you think they would remain closed, if beachs and parks, casinos  , restaurants and bowling allys are open?   eventually it has to start up again. it could be delayed as it has been but it has to go sometime. 

No Setbacks? Covid cases Continue to climb and the expected deaths from Corona just about doubled in the last few days .... 

Edited May 5, 2020 by tallnthensome

[coaster]

Thought all the money NCL saved by getting rid of free lobster that other lines still provide would of left them in a stronger financial situation.

[david_sobe]

4 minutes ago, ECCruise said:

It is an SEC filing.  It's not like they are just being nice guys giving you information.

It is required by law.

Exactly.  Does not change anything I wrote.

[Trimone]

Wonder how much of that so called Bond is left???

[seaman11]

1 minute ago, tallnthensome said:

No Setbacks? Covid cases Continue to climb and the expected deaths from Corona just about doubled in the last few days .... 

this is the peak in some places , and some in the south already peaked.  

 

https://www.washingtonexaminer.com/news/we-flattened-the-curve-virginia-gov-ralph-northam-announces-plans-for-soft-reopening-next-week

[tallnthensome]

3 minutes ago, seaman11 said:

this is the peak in some places , and some in the south already peaked.  

 

https://www.washingtonexaminer.com/news/we-flattened-the-curve-virginia-gov-ralph-northam-announces-plans-for-soft-reopening-next-week

 ....... and other parts of the county continue to rise. Flattening needs to be country wide, not just by state or local ..... you have months and months of a slow decline at best. Not all cruisers come from states with declining cases. 

[tallnthensome]

Stock tanking, down 23 percent. 

[billyu]

13 minutes ago, seaman11 said:

as long as there are no covid setbacks, why would you think they would remain closed, if beachs and parks, casinos  , restaurants and bowling allys are open?   eventually it has to start up again. it could be delayed as it has been but it has to go sometime. 

 

And the problem is the delay. Money going out very little coming in. How much longer can that business model last?

 

 

 

 

 

 

Edited May 5, 2020 by billyu

[reveur15]

32 minutes ago, jaja said:

If I cancel my November cruise now...will I get my deposit back ???  

Just curious...

I cancelled 2 cruises today and they said refund will take up to 90 days.

Not sure if they will really refund.

But My credit card company says refund should not take more than 15 days, after that i can chargeback.

I will probably do that.

 

[bigeck]

1 hour ago, shof515 said:

here is some articles:

https://www.cnbc.com/2020/05/05/norwegian-cruise-line-says-theres-substantial-doubt-about-its-ability-to-continue-as-a-going-concern.html

 

https://www.theglobeandmail.com/business/international-business/us-business/article-norwegian-cruise-line-flags-cash-crunch-going-concern-risks/

 

https://www.streetinsider.com/Corporate+News/Norwegian+Cruise+Line+(NCLH)+accounting+firm+includes+paragraph+regarding+substantial+doubt+about+ability+to+continue+as+going+concern/16832912.html

 

https://business.financialpost.com/pmn/business-pmn/norwegian-cruise-line-flags-cash-crunch-going-concern-risks

Thanks for links

[tallnthensome]

2 minutes ago, reveur15 said:

I cancelled 2 cruises today and they said refund will take up to 90 days.

Not sure if they will really refund.

But My credit card company says refund should not take more than 15 days, after that i can chargeback.

I will probably do that.

 

You’ll going to need a lot of luck now to get it back without going the chargeback route as soon as allowed .

[mnsweeps]

Few cheerleaders are still not in acceptance phase.