Royal Caribbean Cruises has received nearly an additional half a billion dollars in cash thanks to a German debt holiday that has also benefited one of its rivals.
Euler Hermes Aktiengesellschaft, Germany's export credit rating agency, has suspended loan payments for 12 months to provide financial relief to borrowers during the pandemic.
The holiday has enabled the Richard Fain-led owner of 62 cruiseships to amend Hermes-backed loans that finance five ships so that Royal Caribbean will get another $250m in liquidity up until April 2021, according to a regulatory filing.
