Hurtigruten Lenders to Inject Cash, Lead Cruise Line’s Split (3)

A group of existing creditors to Norway’s Hurtigruten Group has agreed to recapitalize and take control of the TDR Capital-backed cruise line operator.

The transaction takes into account the split of the Coastal and Expeditions businesses that had been planned since 2021 and is expected to be completed in January, according to company statements that confirmed an earlier Bloomberg report.

AlbaCore Capital LLP, Arini Capital Management and Barings LLC will be among the leading shareholders of Coastal, while Arini and Cyrus Capital Partners will be lead shareholders in Expeditions.

The deal secures more than €500 million ($528 million) ...