Fox Business Flash top headlines for May 12
Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.
Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.
Continue Reading Below
(Reuters) – Royal Caribbean Cruises on Wednesday launched a $3.3 billion bond offering, pledging 28 of its ships as collateral and forecast heavy losses for the first quarter as the COVID-19 pandemic brings the sector to a virtual standstill.
Royal Caribbean, which was forced to suspend its cruises globally and cut about 26% of its U.S. workforce, said the health crisis has dented its first-quarter net income by about $453 million.
WHAT IS A CORPORATE BOND?
The cruise operator's shares, which have sunk over 72% this year, fell 4% in early trading.
|RCL||ROYAL CARIBBEAN CRUISES||33.90||-2.44||-6.71%|
The company expects to report a preliminary first-quarter net loss of $1.44 billion compared to a profit of $249.7 million a year earlier, as it prepares to write down the value of its Silversea Cruises unit and several ships by $1 billion to $1.3 billion.
HOSPITALITY INDUSTRY IN 'FIGHT FOR SURVIVAL' AS WORKERS TAKE BRUNT OF JOB LOSSES
Preliminary total revenue for the three months ended March 31 fell 16.7% to $2 billion.