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How long can the bad news for Star just keep coming ashore & what will happen to them if it doesn't stop?
Tim
quote:Originally posted by Marlowe:Things are not too healthy and happy at the World's third largest cruise company. Their latest financial statement is at Star Cruises 4th quarter 2003 financials and shows a $100M operating loss for the last three months of 2003!How long can the bad news for Star just keep coming ashore & what will happen to them if it doesn't stop?
I read the report and the revenue and expense statements. If I could find a detailed balance sheet, it would say more about where they currently stand than anything else.
If there is an absence of facilities to capitalize the cost of rushing the Spirit of Aloha into the slot intended for the Pride of America, current cash and current receivables could be quickly consumed. There is no way to tell without seeing the detail.
The admission of the possibility of default on the Pride of America capital financing triggering automatic cross defaults of other unspecified loan facilities may indicate an immediate cause of alarm. I hope not!
SpiritSailor
[ 02-21-2004: Message edited by: SpiritSailor ]
quote:Originally posted by Tim in 'Lauderdale:Star is currently in danger of defaulting on it's loans and credit lines; they're scambling to prevent the banks from calling the loans on POA, other first mortgages and lines of credit payable at once. Tim
Tim,Do you seen the financial woes of Star Cruises serious enough to disrupt current operations of NCL or Star?
Of course I'm being a bit selfish here as I have a cruise booked on NORWEGIAN DREAM in April. I don't want any trouble!
Ernie
Now I am curious, did the takeover of NCL have anything to do with the current financial conditions?
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Star Cruises Q4 loss widens on write-offs It posts US$129m loss in Q4, expects recovery in Q1 04
(HONG KONG) Star Cruises, the world's No. 3 cruise line operator, said 2003 fourth-quarter losses widened after it wrote off the values of some of its older ships.
The company posted a loss of US$129 million (S$217.6 million), or 2.56 cents a share, in the three months ended Dec 31, compared with US$19 million, or 0.41 cents a share, in the year earlier.
It wrote US$95.5 million off its books on older ships it plans to sell.
Star Cruises, partly owned by Malaysia's Resorts World Bhd, is trying to recover from a slump in its Asian business caused by the outbreak of severe acute respiratory syndrome in the region last year.
Apart from this, a storm in Germany damaged one of the vessels being built in a shipyard for the company.
The company expects a recovery in its Asian business this quarter.
'We expect first-quarter 2004 performance in Asia to recover to the level achieved in the first quarter of 2003,' the company said in an e-mailed statement in Singapore, without giving details. Star Cruises posted a net profit of US$681,000 in the first quarter of 2003.
Without the write-off and provisions for legal expenses, the company would have posted a lower fourth-quarter loss of US$14.8 million, the company said.
For the full year, Star Cruises posted a net loss of US$101 million, or 2.04 cents a share, compared with a profit of US$73 million, or 1.65 cents a share. Sales rose 2.8 per cent to US$1.6 billion. - Bloomberg
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