While the vessels aren't technically pledged as collateral, effectively they are. If the holding company declares bankruptcy, the bond holders have priority and will be paid first. I have no idea how many other debtors are in the holding company, but the new bonds have first priority. It's semantics... If they were pledged and don't make the payment,.... forced to sell..... if they're not pledged and don't make the payment..... forced to sell. Pledged or not, if Carnival isn't able to meet their payment requirements, they will be in some deep trouble.