On Tuesday, shares of embattled cruise company Norwegian Cruise Line (NCLH Quick QuoteNCLH - Free Report) plummeted. The stock was down about 19% in late morning trading after it warned that it may have to seek bankruptcy protection.

NCL was down 22.5% at the closing bell.

Norwegian said in an SEC filing that there’s “substantial doubt” about its ability to continue as a business. The company had roughly $6 billion in long-term debt as of Dec. 31, and if Norwegian can’t amend its credit agreements, it said it would be at risk for default.

Because of the Covid-19 pandemic, Norwegian had to suspend its entire fleet beginning March 14, and the shutdown has now been extended through at least June 30. The company also furloughed 20% of its shoreside staff.

The pandemic has hit the cruise industry particularly hard, with Royal Carribbean (RCL Quick QuoteRCL - Free Report) and Carnival (CCL Quick QuoteCCL - Free Report) forced to shut down operations as well.

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