Business Services Industry
Carnival Corp. Backs Off Effort to Manage Norwegian Cruise Lines.(Originated from The Miami Herald)
Knight Ridder/Tribune Business News, February, 1996 by Reed, Ted
Feb. 7--Carnival Corp. backed away Tuesday from an effort to manage Norwegian Cruise Lines, agreeing to a deal that could allow Norwegian's parent company to buy back $101 million worth of its notes that Carnival purchased in October.
Carnival said it sold Norwegian an option, valid until May 31, that allows for a buyback at a set price. If the option is exercised, Carnival would record a small gain on the notes. In addition, Carnival sold the option for an undisclosed price.
Citing a confidentiality agreement, neither Carnival nor Norwegian would disclose details of the deal.
Cruise industry sources said Norwegian will offer similar deals to other holders of its $300 million worth of notes, which pay 13 percent interest, in an effort to gain enough...
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