TDR Risks Losing Control of Hurtigruten as Debt Deadline Looms

TDR Capital LLP risks losing control of Norwegian cruise line operator Hurtigruten Group AS if the company fails to refinance its bond due next year by the end of August, according to people familiar with the matter.

Under the terms of a recapitalization agreed with its creditors earlier this year, Hurtigruten committed to either refinance or extend the maturity of its bonds due in February 2025 by Aug. 31, the people said, asking not to be named discussing private information. Failure to do so would allow lenders to take a 51% stake in the company.

While negotiations between the company ...