According to plans being considered by its board, the over-50s travel and insurance specialist may outsource the management of its two ocean cruise ships, Sky News has learned.
According to information obtained by Sky News, the heavily indebted company—which is traded on the London Stock Exchange—is collaborating with advisors on a number of possible solutions, one of which involves selling a portion of the division.
Several weeks into the process, no concrete conclusions have yet been reached, according to city sources on Thursday.
Nevertheless, they stated that the board of Saga had concluded that the company’s ocean cruise division, which runs the Spirit of Adventure and Spirit of Discovery, provided the most likely path to obtaining significant additional funding.
Sky News reported in November that Saga, a company that specializes in offering insurance and vacation packages to customers over fifty, had invited bankers from Lazard to offer advice.
Saga has been struggling for years due to a significant debt load. The company is expected to provide the City with an update on trading next week.
It increased the sizeable amount of money it owes its chairman, Roger de Haan, by £35 million in the fall.
