Court Approves Hornblower's Financial Restructuring Plan

Hornblower Group on Friday announced its financial restructuring plan has gained court approval, clearing way for the marine transportation and experiences company to emerge from Chapter 11 bankruptcy in the coming weeks.

Under the plan approved by the U.S. Bankruptcy Court for the Southern District of Texas, majority ownership of San Francisco-based Hornblower will transition to funds managed by investment firm Strategic Value Partners (SVP), while private equity firm Crestview Partners will retain a significant minority position and become the sole owner of stand-alone operating unit Journey Beyond.

Hornblower, which filed for bankruptcy in February, said the move will allow it to cut its debt load by approximately $720 million.

Kevin Rabbitt, Hornblower CEO, said, “With the court’s approval of the plan, we are closer to emerging as a stronger company, with a more focused portfolio and additional financial flexibility to fuel our growth. We look forward to completing this process and continuing to build on our position as a global leader in world-class experiences and transportation.”

David Geenberg, co-head of SVP's North American investment team, said, "We couldn't be more excited to embark on this next chapter with Hornblower Group, a premiere leader in travel experiences and transportation. We are looking forward to collaborating with the leadership team to support the company’s strong operating staff, excellent service, and exceptional guest experiences to usher in Hornblower’s next era of growth and success.”

Brian Cassidy, president of Crestview, said, “We are enthusiastic about Hornblower’s next growth chapter. As we lead towards emergence, we look forward to building on the strong foundation that has been established, propelling Hornblower to further become a leader in experiences and transportation."

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.

Rabbitt said, “Throughout this process, we have continued to provide our land- and water-based travel experiences to guests around the world and bring commuters reliable transportation services. This was largely due to the outstanding dedication and unwavering efforts of our entire Hornblower Crew. We are also grateful to our financial stakeholders as well as our vendors, suppliers and business and government agency partners and our loyal employees for their support and continued partnership as we enter Hornblower’s next phase of growth.”