Norwegian Extends Pay Cuts for Top Executives

Norwegian Bliss

Norwegian Cruise Line Holdings announced that a temporary 20% reduction in base salaries for its named executive officers that began on March 30, 2020 would be extended through September 27, 2020.

Such salary reduction may be further extended depending on operational considerations, the company said.

Earlier this year, Norwegian moved to four-day work weeks and also announced a number of layoffs. 

In addition the company executed a number of financing deals, which significantly strengthens the company’s financial position and liquidity runway and it now expects to be positioned to withstand well over 12 months of voyage suspensions in a potential downside scenario, according to a press release.





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