Hornblower Completes Financial Restructuring
Hornblower Group has emerged from Chapter 11 bankruptcy under new ownership following the completion of its court-approved financial restructuring plan, the marine transportation and experiences company announced on Friday.
Under the plan approved by the U.S. Bankruptcy Court for the Southern District of Texas, majority ownership of San Francisco-based Hornblower has transitioned to funds managed by investment firm Strategic Value Partners (SVP), while private equity firm Crestview Partners retains a significant minority position and becomes the sole owner of stand-alone operating unit Journey Beyond.
Hornblower, which filed for bankruptcy in February, said the move slashed its debt load by approximately $720 million.
Kevin Rabbitt, Hornblower CEO, said, “Today marks a new beginning for Hornblower. We have an expert team with a long history of delivering safe, world-class experiences. We have the continued support of our government agency and business partners, and we have new owners who support our strategic priorities. I am excited about the future and for what we will deliver to our guests and commuters around the world.”
David Geenberg, co-head of the North American investment team at SVP, said, "We are thrilled to see Hornblower enter this new era of growth. The company is a leader in the maritime space, with a dedicated crew, robust infrastructure, and an unwavering commitment to safety and service excellence. Together, we will build on this strong foundation, with a plan to grow the portfolio of world-class consumer experiences and setting the standard for public-private partnerships in ferries and transportation.”
Brian Cassidy, president of Crestview, said, “Following the completion of this process, we believe that the company has a strong balance sheet and is positioned to continue meeting the travel and transportation needs of their guests and commuters. We look forward to continuing our partnership with Hornblower.”
Covering more than 100 countries and territories, Hornblower Group’s portfolio of offerings includes water-based experiences such as dining and sightseeing cruises; land-based walking tours, food tours and excursions; ferry and transportation services; and vessel outhaul and maintenance services, among others.