Norwegian cruise line Hurtigruten has agreed with its lenders and shareholders on a comprehensive recapitalization transaction that includes new liquidity of EUR 185 million, equivalent to just over SEK 2 billion, according to a press release.

Lenders of the senior facilities have approved the separation of the business into the HX and Hurtigruten brands to position the group for future strategic options.

Shareholders have approved restructuring its €143 million loan facilities, which will be subordinated to the senior facilities and have an extended maturity to provide further support to the business.

The transaction is supported by parties holding over 70 percent of the total commitments in the senior facilities as of December 11.

Hurtigruten further writes that the group continues to see improvements in financial performance during the quarter, with the focus being on increasing load factors to support recovery and growth. Total revenues were in line with the results from the same period last year. 

In order to strengthen the Group's financial flexibility, the largest shareholders provided additional financing totaling EUR 70 million, of which EUR 45 million was utilized at the end of the quarter.

Source: FinWire