Ritz-Carlton Yacht lenders ease terms to keep luxury cruise line afloat
Owners of troubled travel group inject $275mn in return for creditors delaying payment dates and relaxing terms.
Lenders to the Ritz-Carlton Yacht Collection, a luxury cruise line backed by distressed debt specialist Oaktree Capital Management, have agreed to push back repayment dates and relax debt terms as the group struggles to fill the rooms on its opulent mega-yachts.
Crédit Agricole and Spain’s CaixaBank are among creditors that have lent the lossmaking cruise operator over $1.5bn to finance the construction of three luxury yachts and service existing debt.
Full story Ritz-Carlton Yacht lenders ease terms to keep luxury cruise line afloat
