Carnival Corporation Updates Investors on Cash Reserves...and Cash Burn Rate, Too
It's been nearly a month since Carnival Corporation (NYSE: CCL) shocked the stock market by revealing it was burning through its cash reserves at a faster-than-expected $650 million a month. It's been nearly a month since the company laid down a marker and promised to cut that burn rate to $250 million monthly, the better to help it ride out the recession. In an 8-K filing with the SEC this morning, Carnival updated investors on the state of its business as it crosses the midyear mark.
