MSC Cruises going bankrupt?

[neptuno]

Why so slow on refunds?

[Essiesmom]

Being a wholly owned subsidiary of MSC the cargo line, also family owned, I would think they would be the last cruise line to be in danger of going bankrupt.  EM

[deliver42]

All the cruise lines are slow. A lot of the reasons seem to be they are overwhelmed.

 

[slei15]

They have stated from day one that it would be 60 days from sailing date. It’s not unexpected that it is taking a while. 

[sidari]

4 hours ago, slei15 said:

They have stated from day one that it would be 60 days from sailing date. It’s not unexpected that it is taking a while. 

120 in the UK!

[cruiser man 60]

NCL have already made announcement that they have to file for bankruptcy this year as they have insufficient liquidity to continue unless crisis ends soon.

i would say Carnival and MSC safest at present.

[BermudaBound2014]

50 minutes ago, cruiser man 60 said:

NCL have already made announcement that they have to file for bankruptcy this year as they have insufficient liquidity to continue unless crisis ends soon.

i would say Carnival and MSC safest at present.

 

I don't believe this statement is accurate. NCL did file with the SEC, but they secured monies to maintain operations today. I'm not saying that NCL won't eventually file for bankruptcy (which is entirely different than going out of business), but they have not filed for bankruptcy as of today.

 

No one knows MSCs financial position because they self report, but I have no reason to believe MSC is going bankrupt.

[Formula280SS]

1 hour ago, BermudaBound2014 said:

 

I don't believe this statement is accurate. NCL did file with the SEC, but they secured monies to maintain operations today. I'm not saying that NCL won't eventually file for bankruptcy (which is entirely different than going out of business), but they have not filed for bankruptcy as of today.

 

No one knows MSCs financial position because they self report, but I have no reason to believe MSC is going bankrupt.

 

Just a link.  😷

 

https://www.msccruises.com/en-gl/Assets/MSC Cruises Annual report 2019.pdf

 

[scmom77]

From what I am reading on these boards, it would appear that all refunds from every cruise line are taking forever.  My parents booked on Princess (subsidiary of Carnival) and they are still waiting and were told 60 days as well.

[shipgeeks]

What does your title have to do with your question?

[SirWolf]

7 hours ago, slei15 said:

They have stated from day one that it would be 60 days from sailing date. It’s not unexpected that it is taking a while. 

I cancelled my repo cruise booking (Dubai to Yokohama) on 03-05-2020 and was told that the refund would take 6 to 14 days after cancellation. Shortly after MSC changed the policy to 60 days , I learned about it while calling them to check the status of the refund.

Today is day 61 after cancellation and no refund to CC yet... I need to call again.

[sfaaa]

MSC preserving its cash is another reason why it is unlikely go bankrupt. 

[BermudaBound2014]

1 hour ago, Formula280SS said:

 

Just a link.  😷

 

https://www.msccruises.com/en-gl/Assets/MSC Cruises Annual report 2019.pdf

 

 

I saw this in your other thread and read the part about Corona. Very interesting given the dates of publication. I will probably read the whole document this weekend because I'm a geek like that. But as I mentioned, no one REALLY knows MSC financials because they self report. Thanks for linking it though, it is good background information even if read with a critical eye.

[rkacruiser]

1 hour ago, BermudaBound2014 said:

 

I saw this in your other thread and read the part about Corona. Very interesting given the dates of publication. I will probably read the whole document this weekend because I'm a geek like that. But as I mentioned, no one REALLY knows MSC financials because they self report. Thanks for linking it though, it is good background information even if read with a critical eye.

 

My question remains about this Annual Report:  why was it even published since MSC is not a publicly held company?

[Happy Cruiser 6143]

5 hours ago, cruiser man 60 said:

NCL have already made announcement that they have to file for bankruptcy this year as they have insufficient liquidity to continue unless crisis ends soon.

i would say Carnival and MSC safest at present.

They never said that.

[aprilF]

11 hours ago, deliver42 said:

All the cruise lines are slow. A lot of the reasons seem to be they are overwhelmed.

 

DCL is refunding in about 10-14 days (stating 30 when you request the refund).  Not following the actuals of any other lines so everyone else might be not really issuing refunds either (since there are some past 60 and still no refund) but its certainly not all.

9 hours ago, slei15 said:

They have stated from day one that it would be 60 days from sailing date. It’s not unexpected that it is taking a while. 

 

This is untrue.  I and many others have emails stating 60 days from the request date, not from the sail date.  That was added after the fact for many of us. 

[BermudaBound2014]

2 hours ago, rkacruiser said:

 

My question remains about this Annual Report:  why was it even published since MSC is not a publicly held company?

Its not uncommon for large companies to report out financials. One obvious benefit would be to show stability for anyone doing business with the co. Lots of reasons to show others that you are financially sound (vendors, etc...). I have no idea what the ramifications are from Switzerland, but I suspect it’s much like here in the USA, where fraud is fraud. So I’m not suggesting I don’t trust the numbers, just that I trust self reporting less than I trust sec Reporting and I’m suspicious by nature. 

[BermudaBound2014]

1 hour ago, aprilF said:

This is untrue.  I and many others have emails stating 60 days from the request date, not from the sail date.  That was added after the fact for many of us. 

 
exactly what Aprilf said, there was nothing in my paperwork suggesting 60 days from sail date. That Language was added after the fact- poor customer service imo. 

[slei15]

1 hour ago, BermudaBound2014 said:

 
exactly what Aprilf said, there was nothing in my paperwork suggesting 60 days from sail date. That Language was added after the fact- poor customer service imo. 

The original email I got on March 13 said please allow up to 60 days from submission of preference for refund to be processed. This was when they were only canceling through 4/30. While inconvenient and a poor choice for customer service for them to change/extend this timeframe, with 3 more months of cruises now canceled it is understandable. They are working through them and ensuring they maintain the liquidity needed to continue as a business. I understand the frustration, and see it with every cruise line right now, but these are unprecedented times that nobody was prepared for. I work for a hospitality company that is in the same situation of a full shutdown, and I see first hand every day the challenging decisions needing to be made to ensure survival. Unfortunately, we all need to be understanding and patient during these times and let this play it’s course. 

[dexddd]

23 hours ago, slei15 said:

They have stated from day one that it would be 60 days from sailing date. It’s not unexpected that it is taking a while. 

My email said 60 days.  Never one mention of from sailing date or end of cruise.  Only date in email was date of email.

[BermudaBound2014]

23 hours ago, slei15 said:

They have stated from day one that it would be 60 days from sailing date. It’s not unexpected that it is taking a while. 

 

10 hours ago, slei15 said:

The original email I got on March 13 said please allow up to 60 days from submission of preference for refund to be processed.

 

I'm confused. Did they tell you from Day 1 that it would be 60 days from the sailing date or did they tell you it would be 60 days from submission of preference? These seem entirely different things. Forgive me if I'm missed something.

Edited May 7, 2020 by BermudaBound2014

[slei15]

47 minutes ago, BermudaBound2014 said:

 

 

I'm confused. Did they tell you from Day 1 that it would be 60 days from the sailing date or did they tell you it would be 60 days from submission of preference? These seem entirely different things. Forgive me if I'm missed something.

I went back and looked at my email after the first time I posted. I should have clarified. I was told on the phone day 1 that it would be from sailing date. The email said from submission of preference. All communication I have received since has said since sailing date. 

[Formula280SS]

13 hours ago, BermudaBound2014 said:

Its not uncommon for large companies to report out financials. One obvious benefit would be to show stability for anyone doing business with the co. Lots of reasons to show others that you are financially sound (vendors, etc...). I have no idea what the ramifications are from Switzerland, but I suspect it’s much like here in the USA, where fraud is fraud. So I’m not suggesting I don’t trust the numbers, just that I trust self reporting less than I trust sec Reporting and I’m suspicious by nature. 

 

There a full Statutory Auditor's Report in the Annual Report by KPMG, one of the largest international audit firms.  "Statutory" means in accordance with Swiss Law, International Standards on Auditing and Swiss Auditing Standards. 

 

Such ISA are converged with US Auditing Standards per the Auditing Standards Board.

 

https://www.aicpa.org/research/standards/auditattest/asb/downloadabledocuments/clarity/aicpa_guide_to_clarity.pdf

 

That given, IMO it's a good read as the topics of COVID, Going Concern Evaluation, etc. are included in the Auditor's Report under International Standards.

 

[DCGuy64]

17 hours ago, Happy Cruiser 6143 said:

They never said that.

You're darn right, they never said that. I'm not sure why people post things saying a cruise line IS GOING to file for bankruptcy when nothing like that was said. In fact, I read an article just yesterday from The Points Guy (whom I respect) saying the exact opposite.

https://thepointsguy.com/news/norwegian-cruise-line-bankruptcy/

Edited May 7, 2020 by DCGuy64
Added link to NCL article

[Beardface]

33 minutes ago, DCGuy64 said:

You're darn right, they never said that. I'm not sure why people post things saying a cruise line IS GOING to file for bankruptcy when nothing like that was said. In fact, I read an article just yesterday from The Points Guy (whom I respect) saying the exact opposite.

https://thepointsguy.com/news/norwegian-cruise-line-bankruptcy/

 

Gotta love the first comment to that article basically accusing the author of only writing that because he/she owns stock in the company

 

This whole pandemic really has the anti-cruise community emboldened to mouth off at every opportunity, hasn't it