Yesterday, CNBC reporter Seema Moody tweeted that Carnival Corporation (“Carnival”) was “in discussions to sell (its) Seabourn brand to the Saudi sovereign wealth fund.”
Carnival in discussions to sell Seabourn brand to the Saudi sovereign wealth fund, per sources. Talks are still ongoing, no deal finalized as of yet. Comes <1 week after Carnival went to the debt market to raise $1b at 10% yield. Saudis currently own 5.1% stake in $CCL.
— Seema Mody (@seemacnbc) May 24, 2022
This development seems to have surprised some people, but is understandable in light of Carnival’s considerable financial troubles.
This week started ominously for Carnival with its stock (CCL) falling to
I’ve written many articles about the rich-get-richer schemes of cruise executives: paying the crew members a pittance, making the crew work for 10-to-12 hours a day 6-to-8 months without a single day off, firing hundreds of office employees when the stock drops, and so forth and so on.