Carnival Corporation: Cruising Through COVID-19

In March 2020, in response to the global pandemic, the cruise industry ceased operations. Carnival was the largest cruise line operator in the world, and CEO Arnold Donald and his management team worked to position the company to survive. They slashed operating expenses and capital expenditures, raised more than $10 billion in new debt and equity financing, and negotiated with creditors. Planned ship deliveries were cancelled, and less efficient ships were retired or sold. Had the company done enough?