The balance is consistent with disclosures of additional liquidity measures taken during the third quarter, the company’s previously disclosed cash burn rate, customer deposit expectations and debt amortization, Carnival said in the filing on Friday.
Monthly cash burn averages $650m
During a business update July 10, the company put monthly cash burn as averaging $650m, and said customer deposits were $2.6bn as of May 31.
Subsequently, Carnival closed an equity offering and convertible notes repurchase.
Debt covenant compliance
Friday's filing also stated that if Carnival is unable to re-commence normal operations in the near term, it may be out of compliance with a maintenance covenant in certain debt facilities as of May 31, 2021.