That's even more true with cruise ships. That industry will be effectively bailed out one way or the other, the other is banks eating the losses after bankruptcy and new companies starting out with lower debt after taking over the assets at firesale prices.
But that only strengthens the point of the article: the optics of an actual bailout would be so much worse and the outcome would only really differ for shareholders.
It’s not even banks, they don’t lend at those scales, it’s bondholders. Let them take their lumps. If investors wanted government guarantees they could have bought sovereign debt instead.
But that only strengthens the point of the article: the optics of an actual bailout would be so much worse and the outcome would only really differ for shareholders.