Carnival Cruises 2009 Annual Report Download - page 16

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In October 2009, we finalized an agreement to sell P&O Cruises’ Artemis to an unrelated entity (the
“buyer”) for approximately $100 million, and to charter her back until April 2011. We received approximately
$50 million as a down payment and provided interest-bearing seller-financing, secured by the ship, for the
remaining portion of the sales price. This sale resulted in a gain, which we had deferred and not recognized in our
2009 Consolidated Statements of Operations due to contingent gain uncertainties surrounding the ultimate
collection of the note receivable.
On January 14, 2010, we collected all of our outstanding P&O Cruises’ Artemis note receivable from the
buyer in advance of its original due dates, after the buyer obtained third-party financing. Accordingly, we
recognized a gain of approximately $45 million in January 2010 as the contingency surrounding the ultimate
collection of the note was fully resolved.
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