Royal Caribbean Debt Restructuring Prohibits Dividends and Stock Buybacks Until Late 2022
Royal Caribbean (NYSE: RCL) suspended its dividend payments and all stock buybacks during the COVID-19 pandemic, and now says that after restructuring its debt with lenders, it is prohibited from restarting either program until after the third quarter of 2022.
However, the cruise ship operator said it was able to amend nearly $4.5 billion worth of loans to waive various covenants that would normally apply so they won't be applicable until late 2022 as well.
Image source: Getty Images.
Source Fool.com
