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Cash-strapped Royal Caribbean draws down its revolving credit lines as coronavirus pandemic tests the cruise industry

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Cash-strapped Royal Caribbean drains its revolving credit lines due to coronavirus pandemic

, have sought cash infusions to remain solvent after the industry announced a suspension of operations due to the coronavirus pandemic.

Royal Caribbean had previously announced steps to bolster its finances. On March 23, the company said it entered into a $2.2 billion loan agreement with a consortium of lenders. At the time, the company said it had $3.6 billion of liquidity, including undrawn revolving credit lines.

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O well

At least their stock is up today.

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Royal Caribbean CEO foregoes salary as coronavirus hurts cruise lines - Business InsiderRoyal Caribbean's CEO won't be paid until September and other executives are taking 25% pay cuts as the coronavirus ravages the cruise industry Damn that’s a long time They don’t pay tax in USA don’t help them
Source: BusinessInsider - 🏆 729. / 51 Read more »