Hurtigruten Lenders Secure 51% Economic Rights of Company Amid Failure to Refinance €270M SSNs; Cruise Operator Working to Raise New Capital as Liquidity Thins

Reporting: Luca Rossi Relevant Documents: Q1 Results Financial Report Hurtigruten’s lenders have secured 51% economic rights of the Norwegian cruise ship operator as the company failed to refinance its outstanding €270 million senior secured notes due February 2025 by Aug. 15, sources familiar with the matter told Reorg. The equity of the business has not been transferred to the lenders at this stage, the sources added. Before Aug. 15, lenders already owned around 35% of the business. If no refinancing of the notes occurs by Oct. 31, the lenders will further increase their holdings, ending up with 75% of the economic interest in the company and majority control of the board. Sources said that the company’s liquidity is stretched at the moment and it may run out of cash by the end of October if no new money is secured. Hurtigruten is currently seeking to raise new money but neither the amount nor a possible provider of funds have been identified as of yet, sources said. As reported, Hurtigruten previously showed lenders its liquidity forecasts, which predict cash dropping to about €17 million at the end of August from around €60 million at the start of June, mainly due to[...]