The Hornblower Group; a diversified ferry, cruise, marine hospitality, and providers group; has filed for Chapter 11 chapter. The submitting is anticipated to assist reduce the corporate’s debt load by $720 million. The corporate enters chapter with belongings of as much as $1 billion and liabilities of roughly $1.2 billion. Its debt load rose from $630 million in 2019 because the enterprise tried to take care of liquidity through the pandemic.
Within the voluntary court-supervised and pre-arranged chapter, Strategic Worth Companions, LLC (SVP), a world different funding agency, will purchase majority possession of Hornblower in a proposed debt-for-equity swap whereas offering a big fairness funding within the enterprise.
As a part of the settlement, Hornblower’s in a single day cruising enterprise, American Queen Voyages (AQV) can be shut down, and offered if potential. American Queen Voyages operated the American Queen, stated to be the biggest river steamboat ever constructed, in addition to the American Countess, the American Duchess, and the American Empress.
In a press launch the corporate asserted that apart from American Queen Voyages, Hornblower’s present providers won’t be impacted in any method by the transaction.
The similarly-named, although fully separate U.S. river and coastal cruise firm, American Cruise Traces, stays totally operational.
Due to Robert Kennedy for contributing to this publish.
