Carnival Warns of Loss, Moves to Shore Up Liquidity
The Carnival Grand Princess cruise ship docked at the Port of Oakland.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Carnival Corp., the largest player in a cruise industry reeling from the effects of the coronavirus, said it expects a loss this fiscal year and is taking steps to improve liquidity.
The efforts include cutting investments and expenses and looking for additional financing, Carnival said in a statement Monday. The company said it provided notice on Friday to borrow about $3 billion for six months under an existing credit facility, fully drawing down the credit line to meet working capital, general corporate and other needs.