Easy MoneyRoyal Caribbean Group stopped sailing in March and started packing financial sandbags. “You could never be too rich, too thin or too liquid," CEO Richard Fain told his board of directors.
The cruise operator borrowed from banks and sold new bonds to investors as it burned about $300 million a month, its ships in harbor and its reputation under fire.
By October, it had laid off or furloughed 23% of its U.S. shoreside employees and repatriated more than 44,000 crew members to their home countries.A bottomless well of investor cash kept companies like Royal Caribbean alive as revenue vanished.