As the coronavirus crushes down on the cruise line industry, Norwegian Cruise Line (NCLH) becomes the first company to issue a warning about its financial ability to continue operations, saying that bankruptcy may be imminent.

The company filed the notice with the Securities and Exchange Commission, saying that is has a “going concern” and “substantial doubt” based on the impact of the coronavirus pandemic. It warned that restructuring might be needed through bankruptcy protection.

Norwegian said in its filing on Tuesday, “The current, and uncertain future, impact of the COVID-19 outbreak, including its effect on the ability or desire of people to travel (including on cruises), is expected to continue to impact our results, operations, outlook, plans, goals, growth, reputation, cash flows, liquidity, demand for voyages and share price.”

The filing cited “meaningfully lower” cruise ship bookings for the rest of 2020 and into 2021, in addition to lower pricing levels. The company said, “During the temporary suspension of our cruise voyages, we expect to be required to pay cash refunds of advanced ticket sales with respect to a portion of our canceled cruises.”

For cruise bookings that were canceled, Norwegian has added value to its refunds to encourage future bookings instead of cash refunds. The company also plans to reduce ship operating costs and administrative expenses as well as implement a hiring freeze and shorted work weeks with reduced hours for employees to create a 20% salary reduction. It has also halted its 401k matching program.

Norwegian also said it furloughed about 20% of its workforce on May 1, which is expected to last through July 31. Employees will receive health benefits during this time.

The news of Norwegian’s financial woes comes after the Centers for Disease Control and Prevention issued a no sail order in April for 100 days.

Shares of Norwegian Cruise Line stock were down 22.58% as of market close on Tuesday.

Norwegian Cruise Line ship Dawn
The Norwegian Cruise Line ship Norwegian Dawn departs the Royal Naval Dockyard near the port of Hamilton, Bermuda, in this file photo taken on July 16, 2013. Reuters/Gary Cameron