by Lacey Pfalz
Last updated: 9:05 AM ET, Wed February 21, 2024
Hornblower Group, the parent company of American Queen Voyages, which announced it was stopping all cruises and operations on February 20, 2024, has been acquired by Strategic Value Partners, LLC (SVP).?
The agreement allows Crestview Partners to maintain a minority position within the group and become the sole owner of Journey Beyond in Australia. The agreement also adds $121 in new-money financing, so Hornblowers total debt will be reduced by around $720 million.?
American Queen Voyages will be sold, or its operations wound down if there is no sale. According to Hornblower, the American river cruise line has not rebounded from the pandemic. Hornblower has begun a voluntary Chapter 11 bankruptcy case, which it expects to finish in around four months as it begins a restructuring process.
All services besides the river cruise line will continue to operate normally. It is unknown how much the cruise line will continue to operate in the coming months, if at all, but a dedicated website is available to obtain a refund for impacted guests.?
Impacted guests who have booked an American Queen Voyages cruise should visit the lines dedicated refund website to submit a claim form and begin the refund process. They can also call toll-free at (888) 202-5784. For travelers outside of the U.S. or Canada, please call (747) 288-6437.?
The steps we are taking today will enable us to address AQV and strengthen our financial foundation as we continue serving our guests and commuters around the world, said Kevin Rabbitt, CEO of Hornblower Group. With the support of our financial stakeholders, we will continue to advance our business initiatives and drive growth. We thank the entire Hornblower team for their hard work and dedication, as well as our vendors and partners across our businesses for their continued support.
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