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quote:Take Realogy, formerly Cendant, the world's largest real estate franchisor, whose businesses include Century 21, Coldwell Banker and Sotheby's International Realty. Its debt trades at about 75 cents (U.S.) on the dollar, a level that implies a fairly high chance of default. This is bad news for Leon Black's , Apollo Management one of the world's biggest private equity firms. Its purchase of Realogy, completed in the spring of 2007, when the buyout frenzy was at its height, valued the company at $8.5-billion. It's safe to assume Realogy is worth considerably less today as real estate values go into the tank. While the partners of private equity firms were built up as swashbuckling captains of capitalism, the reality is that their business model was dead simple: Goose investment returns by buying an asset with as little equity as possible.[/QB]
This is bad news for Leon Black's , Apollo Management one of the world's biggest private equity firms. Its purchase of Realogy, completed in the spring of 2007, when the buyout frenzy was at its height, valued the company at $8.5-billion. It's safe to assume Realogy is worth considerably less today as real estate values go into the tank.
While the partners of private equity firms were built up as swashbuckling captains of capitalism, the reality is that their business model was dead simple: Goose investment returns by buying an asset with as little equity as possible.
[/QB]
Definitely not trying to spread rumour, but if you try to connect all the current news together, the cancellation of sale of the Norweigan Dream, the problems with the F3, the $99 four day cruise, and NCL are selling 7 days cruises out of Miami for $339 in October, November and December. It sure sounds like that the company is in a serious cash flow problem.
They could have financial problems as a lot of cruise companies buy fuel well in advance of it being required which could also affect their cash flow situation.
I actually hope NCL does fold, and then a real shipping company with vision buys them up...like MSC.
quote:Originally posted by Fairsky:Honsetly, NCL should just give away their cabins for free and then charge people for every conceivable item onboard...water, sheets, even toilet paper. That's basically the direction they're heading anyway.
I don't see that direction as being wrong: it's not going to be popular with everyone, but it's an interesting option.
quote:Originally posted by cruceromania:Another rumour: Norwegian Dream and/or Norwegian Sky to Quail Cruises...
Do they have funds then???? Pullmantur tried to buy NORWEGIAN SKY but they were turned down as they only offered $310 million compared to Star's asking price of $320 million....
On the other hand, maybe NCL is willing to charter out the vessels to Quail (who would then probably put them in the lucrative Brazilian market for the winter). NCL themselves don't really seem to have a clue what else to do with these vessels at the moment.
Brgds.Ralph
Ernie
quote:Originally posted by eroller:Not just NCL, but how will it affect Oceania and Regent as well? Ernie
IMO NCL was always a shaky like Chrysler.Star Cruises was and is tone deaf to the American cruise market the way Mercedes ruined Chrysler by not understanding the American mass market.
Frank Del Rio: founder of Oceania is the Chairman of Prestige Cruise Holdings: Apollo's umbrella for its cruise lines. I have met him in person. He has the feel for the industry and surrounds himself with good people.
I believe NCL America can work with one ship. It is a niche market at best. The Dawn/Star/Pearl/Gem are very good ships. Up the service levels and keep the entertainment at the high quality level of the early SSNorway days and they will get repeat passengers.
Freestyle: One of the 10 dining rooms offer traditional fixed seating. It works best for families and group cruisers.
[ 10-03-2008: Message edited by: desirod7 ]
Apollo (and all other firms of this type) manages large sums of private money they also use their assets and this cash to leverage or buy in or loan further sums of cash, given that the credit market has in effect dried up this could be a huge problem as some firms will need to lend money to pay back other money and of course money lent today is now much more expesnive than it used to be. Even one of these firms having problems would be a huge problem for all of them as confidence would disappear overnight and the cash with it.
I can see Quail maybe getting Dream but not Sky, would have thought it was just too expensive and I doubt they are ready for that sort of tonnage yet - would be like NCL trying to run a 150,000grt ship !.
Well best wishes to Prestige and even NCL, we don't want to loose them - just get rid of their lousy management team who seem to go out of their way to find every banana skin possible !
If Apollo are short of money then the real telling point will be quite soon, they were going to order new ships for Regent weren't they, if they don't........also do they not have an option for another ship for Oceania ? When does that have to be confirmed ?
Has Quail made any impact with PACIFIC, a small and middle-aged ship (by today's norm) and has it the financial clout to buy any additional tonnage?
Tony
He asked if this could be a sign of credit issues for Apollo.
The signs would seem to hint at trouble with Apollo.
It makes you wonder when the first ship will dock and not depart, or the first time a crew isn't paid, or paid late, or suppliers are asked for credit.
quote:Originally posted by desirod7:Frank Del Rio: founder of Oceania is the Chairman of Prestige Cruise Holdings: Apollo's umbrella for its cruise lines. I have met him in person. He has the feel for the industry and surrounds himself with good people.[ 10-03-2008: Message edited by: desirod7 ]
I have known Frank for many years, yes he does know how to run a cruise line.
As I have not been able to keep up the on going exec situation at NCL and Apollo, is he now in charge of all the groups cruise holdings or just Regent and Oceania. I guess what I am trying to ask is, is he Colin Veitch boss or not if not would Apollo be able to pressure Star into this situation ?
quote:Originally posted by ahrpd:Has Quail made any impact with PACIFIC, a small and middle-aged ship (by today's norm) and has it the financial clout to buy any additional tonnage?Tony
Two Quail shareholders:
Globalia Corporation http://www.globalia-corp.com/
CVC Group http://www.cvc.com.br
They own half of NCL so there could be problems for Star Cruises as well.
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