Finland's Viking Line has announced a package of emergency financing to help it through Covid-19 headwinds.
The cruise ferry owner said the Finnish government and private lenders are coming up with €43m ($50m) to boost liquidity.
The state is guaranteeing €38.7m of the sum, with commercial banks guaranteeing the rest.
"Using the liquidity loans, Viking Line aims to further secure its cash position and ensure business continuity during the exceptional situation caused by the coronavirus crisis," the company said.
The arrangement is compliant with EU state aid regulations, Viking Line said. The European Commission has accepted the terms of the financing.
No dividends allowed
The shipowner has undertaken not to pay any dividends or pay out any other cash until the loans have been repaid in full.
Some of the money will be drawn during the fourth quarter, and some in 2021.
Viking Line continues to operate at a loss for 2020 and expects to stay in the red for the rest of the year as a result of Covid-19 disruption.
The owner of seven cruise ferries posted a €4.9m deficit for the second quarter versus a €3.6m profit for the same period last year.
Revenue fell to €22.6m from €131m.
Earlier this year, Viking Line won more time to pay back debt.
The company agreed with Finnvera and Finska Exportkredit to defer €14.9m in loan payments to after February 2021.
Viking Line may make deferred payments ahead of time, but the loan's interest rate and maturity will not change if it decides to resume loan payments after February.
In March, the company cancelled its 2019 dividend as the coronavirus pandemic hit passenger operations.
