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Advertisement Cash-burning industries are using their most valuable assets to secure liquidity during the pandemic. Yield-hungry investors are happy to oblige. March 09, 2021 The lush coconut palms and shady cabanas of Great Stirrup Cay welcomed cruise ship passengers until the Covid-19 pandemic froze the multibillion-dollar travel industry. The tiny island in the Bahamas is now a lifeboat for creditors instead. The tropical paradise’s owner, Norwegian Cruise Line, pledged it last year along with Harvest Caye off southern Belize, and two ships, as bond collateral for a $675 million loan. “The pandemic saw stressed issuers like Carnival, Norwegian Cruise Line and United Airlines make creative use of their assets such as ships, islands and airplanes to raise liquidity when they needed it,” says Shweta Rao, UK-based senior director and head of Europe, Middle East and Africa (EMEA) Covenants at Reorg, a global financial and legal intelligence provider. Carnival used its fleet o

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