By Jo
By Joshua Franklin
NEW YORK, March 10 (Reuters) – Company America is gearing
up for leaner occasions.
From Exxon Mobil Corp to Royal Caribbean Cruises Ltd
, firms rushed to borrow extra money and increase their
money coffers on Tuesday, because the market turmoil fueled by a
plunge in oil costs and the worldwide coronavirus outbreak raised
the prospect of an financial downturn.
“It is firms loading up on money when you may get it. They
are successfully increase that conflict chest,” mentioned Jeremy Swan,
managing principal at accounting and tax advisory agency
CohnReznick LLP.
Royal Caribbean mentioned on Tuesday it elevated its credit score
capability by $550 million to spice up liquidity. The corporate’s inventory
plunged this month, amid considerations that the coronavirus outbreak
would curtail journey.
“These are extraordinary occasions and we’re taking these steps
to handle the corporate prudently and…