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Possible Bankruptcy??


trrn2016
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On 3/27/2020 at 4:45 PM, Cruise Raider said:

 

The CDC has had to debunk this report that it 'survived' for up to 17 days.  Sure, strands of RNA were 'present' but more important, the cabins hadn't been cleaned for testing purposes and they determined it was no longer infectious ... so 'survival' would be the wrong term to use as it indicates it was viable, which is was not.  

 

You are correct.

When speaking of viruses outside a host the correct terminology is viable versus non-viable.

A virus is a paradox in that it can be considered non-living but has the attribute of living once its molecular mechanisms, which involve its coat, inject it into a cell where it uses the cellular machinery to reproduce.

 

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Thanks brisalta -- good point.  I believe part of the confusion is Wikipedia is showing something different relative to registration.  Currently, Princess has 19 vessels as part of the Carnival group.  Princess web-site only shows 17 but does not included the Sky and Enchanted.

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12 hours ago, brisalta said:

 

Point of order : -  Princess ships are flagged either in the United Kingdom or Bermuda.

 

 

That's right. I believe the poster confused Panama, where Carnival is incorporated, with the countries in which the ships are registered.

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If CCL is successful in raising the 7 billion dollars, that should give them enough cash to pay off debt due this year as well as cover other expenses through the end of the year. So no BK this year if they raise the money.

 

One item to watch is if they do issue convertible bonds is the price at which the convert, because they will have a capping influence around that price until all are converted. 

 

I also expect that if they are successful in raising the money we might see refunds coming back a bit faster.

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On 3/22/2020 at 5:51 AM, franktown said:

You can look at there financials online.  They have large amount of debt but so do the other cruise lines.  The have no cash coming in and large cash flows going out.  Their survival depends like the rest of the cruise industry how soon cruising returns to normal operations.  They along with the other lines are pushing hard for a government bailout. None of them have large cash reserves.  Most of this has been driven by the explosions of new ships.

You can track their situation on the website. These days everything becomes transparent. You can even trace their business situation through media and the news. Sometimes they even post all this information on their website. In any case, all this formation is always available by calling their office if you fell worried

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7 minutes ago, Roger88 said:

Their survival depends like the rest of the cruise industry how soon cruising returns to normal operations.

 

Their survival depends on many of us opting to re-book instead of demanding cash refunds.

Cash is in limited supply.

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9 minutes ago, CineGraphic said:

 

Their survival depends on many of us opting to re-book instead of demanding cash refunds.

Cash is in limited supply.

 

So, if cash is in short supply, I would expect that PCL would make a very good offer to those whose cruise has been canceled or are contemplating to cancel on their own. I guess we will see tomorrow.

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20 hours ago, AF-1 said:

Norwegian Cruise line has the Pride of America based in Hawaii.  They come under some law that says they have to hire Hawaiians as part of the crew and have to pay them standard US wages.  That is why that one ship costs more to sail a seven day trip than others;  but they are booked all the time.  So people will pay the price to sail on that ship. 

 

All true, but of the 20 odd cruises we have taken (Celebrity/Crystal/HAL/Princess/RC/Cunard+NCL), the Pride of America was notable only for the absolutely dire service, the staff oozing 'attitude' from every pore and the barely concealed contempt they displayed for the passengers. A massive shame and a huge contrast to every other ship we have sailed on.

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42 minutes ago, WmFCoyote said:

 

So, if cash is in short supply, I would expect that PCL would make a very good offer to those whose cruise has been canceled or are contemplating to cancel on their own. I guess we will see tomorrow.

 

Don't look for them to give the farm away, money can always be borrowed at a rate in the single digits.

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17 minutes ago, CineGraphic said:

 

Don't look for them to give the farm away, money can always be borrowed at a rate in the single digits.

I wanted to take a full fcc refund, unfortunately Princess will only credit the voucher back to the original passengers, if that passenger cannot sail again you loose out. 

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1 hour ago, jagoffee said:


It is way past the time for Congress to strongly consider changing the law(s).

I would hope that the first one concerning where a ship is built or “born” would be eliminated.  
 

I am not sure about the other rules.   Cruise ship’s are a great affordable vacation option that provides an opportunity for many of the world’s less fortunate population to improve their personal and family situation.


Prior to the current situation the unemployment in the US was not an issue.  More jobs than people willing to do the jobs.

 

I have read many reviews on the one NCL ship cruising in Hawaii and I would never cruise on that particular ship.  I would hate to see what would happen to the over cruise experience if this particular cruise was the new standard both from a quality standpoint and a value model.

 

Samiam 1, what cruise line do you usually use?  Have you been on the US based NCL cruise?

 


 

Keep in mind that the pvsa is about much more than cruise ships.  As a result they are unlikely to change that.  After all they still want the ferries, tour boats, etc to remain getting built in the US

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33 minutes ago, CineGraphic said:

 

Don't look for them to give the farm away, money can always be borrowed at a rate in the single digits.

Funny thing is CCL bonds are trading at 20% YTM for those maturing this year and close to 10% for those maturing further out.  So not sure what kind of rate they can get, now that they have used their revolving line.  If they could get cheap money I suspect that they would have, since equity dilution is not really cheap, especially convertible bonds.

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56 minutes ago, npcl said:

Keep in mind that the pvsa is about much more than cruise ships.  As a result they are unlikely to change that.  After all they still want the ferries, tour boats, etc to remain getting built in the US

Good point.  We are also very good at building Navy and Coast Guard type ships.

Perhaps  they can modify that point to exclude cruise ship’s above a certain size.  (I am not sure it will make a difference for cruise companies because of the other requirements). I do not think a regular size cruise ship as every been built in the US.  Even the NCL ship being used in Hawaii was not really built in the US Based on my understanding.

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UPDATE: (on the original topic of this thread)

 

I was still within the 60 days to dispute the charge and worried that Princess was running down the clock on refunds, so I disputed the charge with AmEx. AmEx immediately reversed the charge and closed the investigation in my favor. They did this within 2 minutes, which means that they're automatically refunding any disputed Princess charges without further inquiry. 

 

So, worst case scenario now is that I just lose my initial $100 deposit, not the entire amount. 

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3 hours ago, Tab_Hardy said:

UPDATE: (on the original topic of this thread)

 

I was still within the 60 days to dispute the charge and worried that Princess was running down the clock on refunds, so I disputed the charge with AmEx. AmEx immediately reversed the charge and closed the investigation in my favor. They did this within 2 minutes, which means that they're automatically refunding any disputed Princess charges without further inquiry. 

 

So, worst case scenario now is that I just lose my initial $100 deposit, not the entire amount. 

Wow.  What was your sail date?  Why are you limited to 60 days to dispute the charge? Shouldn't it be 60 days from the date the sailing doesn't happen?

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1 hour ago, JennAngel9 said:

Why are you limited to 60 days to dispute the charge? Shouldn't it be 60 days from the date the sailing doesn't happen?

May I jump in here?

 

The credit card companies (at least Chase, so I assume others) allow 60 days after the date of the statement showing the charge for disputes of that charge to be made (60 days after the statement date showing the charge).

 

Call me crazy, but it appears the deafening silence of the cruise lines in response to our refund requests could be calculated, at least in part, to outlast the credit card dispute window.  

 

Whatcha' think fellow cruisers?   Are we being used for interest free loan purposes?  🙂

 

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8 minutes ago, as400guy said:

May I jump in here?

 

The credit card companies (at least Chase, so I assume others) allow 60 days after the date of the statement showing the charge for disputes of that charge to be made (60 days after the statement date showing the charge).

 

Call me crazy, but it appears the deafening silence of the cruise lines in response to our refund requests could be calculated, at least in part, to outlast the credit card dispute window.  

 

Whatcha' think fellow cruisers?   Are we being used for interest free loan purposes?  🙂

 

Nothing like a good conspiracy theory, but I don’t buy it.

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