Rare wishIweretravelling Posted May 6, 2020 #101 Share Posted May 6, 2020 To those discussing the need for the 8k filing before a prospectus, be aware that a prospectus also was filed today. Link to comment Share on other sites More sharing options...
CBWIR Posted May 6, 2020 #102 Share Posted May 6, 2020 28 minutes ago, wishIweretravelling said: To those discussing the need for the 8k filing before a prospectus, be aware that a prospectus also was filed today. Exactly. They are in the process of and will complete a huge financing Link to comment Share on other sites More sharing options...
Rare CruiserFromMaine Posted May 6, 2020 #103 Share Posted May 6, 2020 I’m sorry to have missed the last couple pages since my last post. I pretty much agree with greykitty’s posts. I get the impression greykitty was/is an auditor as well. Almost all public companies will need to file their first quarter’s financial statements with the SEC in the next week or so. It will be interesting indeed to see how many also have going concern opinions. NCLH went early since they filed a prospectus yesterday that included their December 2019 financial statements that are now outdated due to coronavirus so some combination of management and their attorneys, underwriters and auditors insisted on the going concern language. Link to comment Share on other sites More sharing options...
greykitty Posted May 6, 2020 Author #104 Share Posted May 6, 2020 1 hour ago, CruiserFromMaine said: I’m sorry to have missed the last couple pages since my last post. I pretty much agree with greykitty’s posts. I get the impression greykitty was/is an auditor as well. Almost all public companies will need to file their first quarter’s financial statements with the SEC in the next week or so. It will be interesting indeed to see how many also have going concern opinions. NCLH went early since they filed a prospectus yesterday that included their December 2019 financial statements that are now outdated due to coronavirus so some combination of management and their attorneys, underwriters and auditors insisted on the going concern language. CruiserfromMaine, while I wish I could say I was a CPA/auditor, I am not. However, I did work for one of the Big 4 (8 back then) for 40 years, retiring only recently, and I can truly say that all in all my colleagues were and are some of the most honorable, ethical, smartest people I ever met. And, you can't help but learn a fair amount just being associated with them - I can even follow some actuarial discussions if I try really hard! I've learned to value the opinions, and work ethos, of auditors very highly. But, yes, that background does form the lens I look at many things with. Independence, evaluation of all the plus's and minus's, long term vs short term, etc. Certain things just jump out even at me. I suppose if I came from the hospitality industry, other aspects would wave at me. And I've seen a lot of posts on CC forums from people in the restaurant/meat industries carrying on a spirited debate on the quality of meat chosen by various lines which went far beyond anything I've ever thought of regarding dinner. In any event, NCLH issued a press release saying they raised $2 billion of liquidity this morning. I think I saw the stock pricing somewhere - I'll have to look again. That was under the shelf statement released yesterday. I remember thinking it wasn't overly 'cheap' money, but, again, sometimes you gotta do what you gotta do and hope for the best. Oh, I also want to say I thought I saw NCLH was going to postpone first quarter results, which I don't think is unexpected. But, I agree with CruiserfromMaine, those quarterly releases in so many industries are likely to contain a lot of concerning verbiage - which also is not unexpected, IMO. https://www.marketwatch.com/press-release/norwegian-cruise-line-holdings-ltd-successfully-secures-over-2-billion-of-additional-liquidity-in-oversubscribed-capital-markets-transactions-2020-05-06 Link to comment Share on other sites More sharing options...
Travelcat2 Posted May 6, 2020 #105 Share Posted May 6, 2020 20 hours ago, CBWIR said: The predicate of the going concern was if they are not able to raise the $2billion. Typical boilerplate language. Goldman Sachs would not be bringing it to market unless they were confident they could raise the entire amount. Give it a week or two and if they are unable to raise the funds, then start to worry. If they raise the funds, then the smart money is saying they will survive. You and I do not agree often but I want. to thank you for your posts on this topic. They have been very helpful. Thankfully, I just read that NCLH did raise $2B this morning! greykitty - Thank you for being so respectful of requests to keep this topic separate from others. It is appreciated! 1 Link to comment Share on other sites More sharing options...
RJ2002 Posted May 6, 2020 #106 Share Posted May 6, 2020 41 minutes ago, greykitty said: In any event, NCLH issued a press release saying they raised $2 billion of liquidity this morning. https://www.marketwatch.com/press-release/norwegian-cruise-line-holdings-ltd-successfully-secures-over-2-billion-of-additional-liquidity-in-oversubscribed-capital-markets-transactions-2020-05-06 Patience is a virture. This is great news after yesterday's "going concern" filings. I have growing confidence NCLH will now weather this storm. 1 Link to comment Share on other sites More sharing options...
greykitty Posted May 6, 2020 Author #107 Share Posted May 6, 2020 One thing I'm keeping in mind- while NCLH has gained themselves some liquidity (at a price, I think), I'm still going to be watching their longer-term financial strength, and I do expect fairly significant restructuring. It's still not all rainbows and lollipops in my eyes. 2 Link to comment Share on other sites More sharing options...
RJ2002 Posted May 6, 2020 #108 Share Posted May 6, 2020 1 minute ago, greykitty said: One thing I'm keeping in mind- while NCLH has gained themselves some liquidity (at a price, I think), I'm still going to be watching their longer-term financial strength, and I do expect fairly significant restructuring. It's still not all rainbows and lollipops in my eyes. Key words... "at a price". Agree we'll all be watching for how NCLH adjusts its operations in order to pay for this financing. Having worked for a major corporation in financial/cost analysis, I'm sure we'll see some cost cutting. Hopefully the Regent onboard experience is not negatively impacted too much. 2 Link to comment Share on other sites More sharing options...
bissel Posted May 6, 2020 #109 Share Posted May 6, 2020 CBWIR, Pcardad and Greykitty. Your postings were absolutely the best. Experience, knowledge, and a clear eye brought lucidity and hope amongst all the random postings. Thanks to you 🎉 1 Link to comment Share on other sites More sharing options...
greykitty Posted May 6, 2020 Author #110 Share Posted May 6, 2020 Bissel, thanks for your kind words. While I still don't feel particularly sanguine about NCLH's future, I do hope the crew, and those customers with significant funds tied up in its future, find some good news down the road. Link to comment Share on other sites More sharing options...
bissel Posted May 6, 2020 #111 Share Posted May 6, 2020 Nicely said. Link to comment Share on other sites More sharing options...
CBWIR Posted May 6, 2020 #112 Share Posted May 6, 2020 (edited) 2 hours ago, bissel said: CBWIR, Pcardad and Greykitty. Your postings were absolutely the best. Experience, knowledge, and a clear eye brought lucidity and hope amongst all the random postings. Thanks to you 🎉 Thank you. I'll just reiterate that the "going concern" language was perfunctory, it has been removed, PWC was not fired, and patience is a virtue. And I will stick to the facts and not speculate on what the new PE investment will require. I guess no apology is forthcoming. Edited May 6, 2020 by CBWIR 2 Link to comment Share on other sites More sharing options...
Pcardad Posted May 6, 2020 #113 Share Posted May 6, 2020 9 minutes ago, CBWIR said: Thank you. I'll just reiterate that the "going concern" language was perfunctory, it has been removed, PWC was not fired, and patience is a virtue. And I will stick to the facts and not speculate on what the new PE investment will require. I guess no apology is forthcoming. We are on exactly the same page. 1 Link to comment Share on other sites More sharing options...
Eager2Travel Posted May 6, 2020 #114 Share Posted May 6, 2020 But on a simple level what are the chances we will receive the thousands of dollars for the cruise we missed? ?? On top of that we had the monies refunded for the travel insurance we had on the cancelled cruise. Never dreamed we might not get the money back from our much loved Regent cruise line. And one week ago we cancelled the Platinum card we used to purchase the cruise. Link to comment Share on other sites More sharing options...
Pcardad Posted May 6, 2020 #115 Share Posted May 6, 2020 No idea why you are worried - NCLH now has $3B+ in liquid funds and is still churning out refunds. Not one has been beyond the 90 days or defaulted on. No idea about travel insurance but any good company should allow you to reuse it in the future as per the terms of your contract. If the credit card used to purchase the trip shows invalid, your TA will get in touch with you. 1 1 Link to comment Share on other sites More sharing options...
Eager2Travel Posted May 6, 2020 #116 Share Posted May 6, 2020 (edited) 48 minutes ago, Eager2Travel said: Thanks Pcardad. I didn’t realize anyone had gotten a full refund for a Regent cancelled cruise. We were to depart April 29 and Regent cancelled cruise March 13. Am Ex reassured me they would send me a check if funds came in. I didn’t realize the card would show up as invalid. Our renewal came up at a bad time. Edited May 6, 2020 by Eager2Travel Mistake Link to comment Share on other sites More sharing options...
Travelcat2 Posted May 6, 2020 #117 Share Posted May 6, 2020 (edited) 5 minutes ago, Eager2Travel said: In my opinion, there is 100% chance that you will receive your money within the 90 days. However, it typically would go back onto the credit card that you used to book the cruise so there could be an issue there. I wonder what Regent would do it they put it back on a now-canceled credit card. I would have your TA ask Regent since they have representatives within Regent that "us" normal folks don't have! Edited May 6, 2020 by Travelcat2 1 Link to comment Share on other sites More sharing options...
Eager2Travel Posted May 6, 2020 #118 Share Posted May 6, 2020 Thanks TC for the reassurance. It is ironic about the platinum card. I just couldn’t see investing $550 in it at this point. Maybe that was a mistake. Link to comment Share on other sites More sharing options...
cruiseluv Posted May 6, 2020 #119 Share Posted May 6, 2020 1 hour ago, Eager2Travel said: Thanks Pcardad. I didn’t realize anyone had gotten a full refund for a Regent cancelled cruise. We were to depart April 29 and Regent cancelled cruise March 13. Am Ex reassured me they would send me a check if funds came in. I didn’t realize the card would show up as invalid. Our renewal came up at a bad time. I doubt your situation is unsual ( getting a credit after you've canceled the card). I would call Am Ex and ask how do they handle a situation like yours. I wouldnt be waiting to get a call from my TA 1 Link to comment Share on other sites More sharing options...
Eager2Travel Posted May 6, 2020 #120 Share Posted May 6, 2020 I did call am ex. They said that if a refund came back they would send us a check. What made me uncertain was Pcardad saying Regent would receive an invalid notification for the account. I haven’t seen where anyone has received their refund from a Regent cancelled cruise. Silly me I still daydream about taking the October cruise we have booked. Link to comment Share on other sites More sharing options...
Travelcat2 Posted May 6, 2020 #121 Share Posted May 6, 2020 5 minutes ago, Eager2Travel said: I did call am ex. They said that if a refund came back they would send us a check. What made me uncertain was Pcardad saying Regent would receive an invalid notification for the account. I haven’t seen where anyone has received their refund from a Regent cancelled cruise. Silly me I still daydream about taking the October cruise we have booked. There are some people on this thread that have received their refunds. 1 Link to comment Share on other sites More sharing options...
Eager2Travel Posted May 6, 2020 #122 Share Posted May 6, 2020 Thanks TC. I had given up looking at that thread. I will look now for encouragement. Link to comment Share on other sites More sharing options...
liptastic Posted May 6, 2020 #123 Share Posted May 6, 2020 6 hours ago, bissel said: CBWIR, Pcardad and Greykitty. Your postings were absolutely the best. Experience, knowledge, and a clear eye brought lucidity and hope amongst all the random postings. Thanks to you 🎉 Couldn’t agree more with your thanks to the above 3 posters. Certainly makes a huge difference having such knowledgable posters giving accurate information. Thanks to all, Jean. 2 1 Link to comment Share on other sites More sharing options...
Pcardad Posted May 6, 2020 #124 Share Posted May 6, 2020 1 hour ago, Eager2Travel said: I did call am ex. They said that if a refund came back they would send us a check. What made me uncertain was Pcardad saying Regent would receive an invalid notification for the account. I haven’t seen where anyone has received their refund from a Regent cancelled cruise. Silly me I still daydream about taking the October cruise we have booked. Don't let it concern you. If a credit is placed on a credit card and it is rejected it comes up on a report and a call gets made to the point of contact on the account seeking a new card number. I know because I just went through this with a client 2 weeks ago. But please, if I may clarify, very often a credit will come back onto a credit card even if the card has been closed recently. 1 Link to comment Share on other sites More sharing options...
Eager2Travel Posted May 7, 2020 #125 Share Posted May 7, 2020 Thanks Pcardad for the reassurance. I am dropping the worry for now, Link to comment Share on other sites More sharing options...
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