March 31, 2020 / 11:39 AM / 3 months ago

BRIEF-Carnival Expects A Net Loss On Both A U.S. GAAP & Adj Basis For Fiscal Year Ending Nov. 30, 2020

March 31 (Reuters) - Carnival PLC:

* CARNIVAL SAYS EXPECT A NET LOSS ON BOTH A U.S. GAAP AND ADJUSTED BASIS FOR FISCAL YEAR ENDING NOVEMBER 30, 2020 - SEC FILING

* CARNIVAL - IF CREDIT RATINGS WERE TO BE FURTHER DOWNGRADED, CO’S ACCESS TO, AND COST OF, DEBT FINANCING MAY BE NEGATIVELY IMPACTED

* CARNIVAL - ON MARCH 13, 2020, WE FULLY DREW DOWN $3 BILLION FACILITY

* CARNIVAL - CONCLUDED THAT CO WILL BE ABLE TO GENERATE SUFFICIENT LIQUIDITY TO SATISFY OBLIGATIONS FOR NEXT 12 MONTHS

* CARNIVAL - CONCLUDED THAT CO WILL BE ABLE TO GENERATE SUFFICIENT LIQUIDITY TO REMAIN IN COMPLIANCE WITH EXISTING DEBT COVENANTS FOR NEXT 12 MONTHS

* CARNIVAL - AS OF MARCH 31, 2020, SUBSTANTIALLY ALL CO’S SHIPS ARE AT PORT AND ALL ARE EXPECTED TO DOCK BY END OF APRIL

* CARNIVAL - HAVE RECEIVED, AND EXPECT TO CONTINUE TO RECEIVE, LAWSUITS FROM PASSENGERS ABOARD GRAND PRINCESS VOYAGE IN FEBRUARY 2020

* CARNIVAL - MAY RECEIVE ADDITIONAL LAWSUITS STEMMING FROM COVID-19

* CARNIVAL - BELIEVE EFFECTS OF COVID-19 ON SHIPYARDS WHERE CO’S SHIPS ARE UNDER CONSTRUCTION WILL RESULT IN DELAY IN SHIP DELIVERIES

* CARNIVAL - HAVE IMPLEMENTED A VOLUNTARY PAUSE OF CO’S GLOBAL FLEET CRUISE OPERATIONS ACROSS ALL BRANDS AND SUCH PAUSE MAY BE PROLONGED

* CARNIVAL - ONCE TRAVEL ADVISORIES AND RESTRICTIONS ARE LIFTED, DEMAND FOR CRUISES MAY REMAIN WEAK FOR A SIGNIFICANT LENGTH OF TIME

* CARNIVAL - CANNOT PREDICT IF AND WHEN EACH BRAND WILL RETURN TO PRE-OUTBREAK DEMAND OR FARE PRICING

* CARNIVAL - MAY BE REQUIRED TO RAISE ADDITIONAL CAPITAL

* CARNIVAL - IMPACT OF COVID-19 ON FINANCIAL MARKETS IS EXPECTED TO ADVERSELY IMPACT CO'S ABILITY TO RAISE FUNDS THROUGH EQUITY FINANCINGS Source text: [bit.ly/2QXZ3tu] Further company coverage: (Reuters.Briefs@thomsonreuters.com)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below