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Is anyone else worried princess will go out of business, NOT bankrupt. (Keeping our money)


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Until this latest announcement saying cruises suspended to may 15th and refund must be requested by Feb 15th, I have been keeping the faith. But I now worry they will go 'out of business' Feb 16th and keep all my money paid. 

Anyone else thinking of canceling cruises, even ones in 2022???

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1 minute ago, newcruzer2 said:

Until this latest announcement saying cruises suspended to may 15th and refund must be requested by Feb 15th, I have been keeping the faith. But I now worry they will go 'out of business' Feb 16th and keep all my money paid. 

Anyone else thinking of canceling cruises, even ones in 2022???

We are due to sail on 4th June 2021. Reckon this is pie in the sky at the moment. Hoping that Princess might follow P&O and announce 30 days for final payment. Currently my TA is looking for payment on 5th Feb 😱🤔

Any thoughts, anyone?

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I won’t be making any final payments until I see cruising has restarted safely    I only have FCD & non refundable  FCC on my cruise. Got all refundable money back. 
and only using OBC to prebook excursions. 

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13 minutes ago, dog said:

I won’t be making any final payments until I see cruising has restarted safely    I only have FCD & non refundable  FCC on my cruise. Got all refundable money back. 
and only using OBC to prebook excursions. 

This has been my feeling as well. We had final payment due on January 18th

and fortunately (not really fortunately) they canceled cruises though May 14th

and made the decision for us. Our British Isles cruise was set to depart May 2.

So, I booked for May 2022 and I am hoping that the THIRD tie will be the charm!

 

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No more $$ being paid to Princess from us, either.  They applied FCC's from our cancelled 2020 to a 2021 cruise we booked, which has now been cancelled and still appears on our account.  We also booked a late 2021 cruise on the new Enchantment and had a 2022 cruise on hold.  Needless to say, with them holding 2 deposits from us, we are done paying any more.  

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2 hours ago, skynight said:

We only have a few $100's in deposits. Not worried about going out of business. Nothing we can really do about it. 

Same with us but at the same time we're not booking anything until thinks quiet down & the require a vaccine. 

I do believe they'll be a few less of the smaller cruise lines around by the middle of 2021. How long can they possible exist, bleeding money just to maintain ships doing nothing?

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I asked Princess agent about the Jan 21 cruise they cancelled still showing in Personalizer. She said it will disappear when they finish with refunding it. 

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2 minutes ago, MissP22 said:

Same with us but at the same time we're not booking anything until thinks quiet down & the require a vaccine. 

I do believe they'll be a few less of the smaller cruise lines around by the middle of 2021. How long can they possible exist, bleeding money just to maintain ships doing nothing?

My guess is they could sell more older ships and scale back. 

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2 hours ago, newcruzer2 said:

Until this latest announcement saying cruises suspended to may 15th and refund must be requested by Feb 15th, I have been keeping the faith. But I now worry they will go 'out of business' Feb 16th and keep all my money paid. 

Anyone else thinking of canceling cruises, even ones in 2022???

 

If you paid with a credit card, you might have some protection...

 

Not necessarily out of business, but certainly some bankruptcy re-organization to escape debt is possible.

 

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Posted (edited)

As Princess is a wholly owned subsidiary of Carnival Corp, and not a stand alone corporation, if Princess as a brand were to cease operations Carnival Corp would be the DIP (debtor in possession) responsible to repay consumers money. It would take complete liquidation of Carnival Corp for us as consumers to lose our monies held with Princess. 

Edited by AtlantaCruiser72
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4 hours ago, newcruzer2 said:

Until this latest announcement saying cruises suspended to may 15th and refund must be requested by Feb 15th, I have been keeping the faith. But I now worry they will go 'out of business' Feb 16th and keep all my money paid. 

Anyone else thinking of canceling cruises, even ones in 2022???

There is no reason to have any cruises booked now if you are concerned that a company can't stay afloat (pun intended), dishing out millions of dollars in operating costs without having any paid customers. 

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10 minutes ago, BirdTravels said:

There is no reason to have any cruises booked now if you are concerned that a company can't stay afloat (pun intended), dishing out millions of dollars in operating costs without having any paid customers. 


Many of us are using our FCC & FCD to book cruises now to have a choice in cabin  etc. Our credits have expiry dates, which in my case was extended this week. Agent told me, as long as I have applied my FCC to a cruise I will not lose it. If not applied to a cruise to sail by expiry date it could disappear from the personalizer. If the cruise I have booked is cancelled by Princess then I would expect another extension. 
 

If Princess goes under I xpect to lose my FCC, as they are non refundable. 

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The thought had crossed my mind. We'd lose $1K ish if that happened now. It feels like gambling. If our June cruise is cancelled, we may roll the dice and pay the cruise, hoping for our Christmas Cruise to occur.  If the end of 2021 doesn't happen, well, then I may lose faith by then. 

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From a current post re Carnival Corp financial records:

According to data from S&P Global Market Intelligence, Carnival had $8.2 billion in cash at the end of August. It has since raised $8.1 billion more through a combination of stock and debt offerings. Thus, even after four months of burning cash at the rate of $530 million a month, Carnival probably has on the order of $14.2 billion available to it, and is well positioned to survive for another two years at least, even absent any new revenue coming in. 

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14 hours ago, newcruzer2 said:

Until this latest announcement saying cruises suspended to may 15th and refund must be requested by Feb 15th, I have been keeping the faith. But I now worry they will go 'out of business' Feb 16th and keep all my money paid. 

 

 

Each phase of cancelled cruises had a date to respond by if you wanted a refund instead of FCCs.

 

It has nothing to do with any plan to go out of business.

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8 hours ago, caribill said:

 

Each phase of cancelled cruises had a date to respond by if you wanted a refund instead of FCCs.

 

 

Well, can you get a refund from a FCC? As I understand it, the credit card companies won't pursue a refund once a FCC has been accepted?

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27 minutes ago, HappyInVan said:

 

Well, can you get a refund from a FCC? As I understand it, the credit card companies won't pursue a refund once a FCC has been accepted?

 

If you received FCCs because Princess cancelled a cruise, they were in two categories:

(a) An FCC that was in the amount of the cruise fare you paid (actual payment, not from an FCC)

(b) A bonus FCC which is a percentage of the cruise fare you paid

 

The bonus FCC (b) can never be refunded. You can request a refund of the (a) FCC a year after it was issued if it had not been used.

 

I do not know what the policy is if an (a) FCC was applied to a cruise and Princess cancelled that cruise, putting your FCC back into your account.

 

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