Will the Horn Blow for London – As Cruise Operator Files for Bankruptcy

Hornblower Cruises and Events owners of the City Cruises and City Experiences brands globally, which operate in cities like London, Boston, Chicago has filed for bankruptcy in the U.S., saying its overnight cruise business hasn’t rebounded from the Covid-19 pandemic.

In the bankruptcy filing in Texas and ancillary proceedings in Canada, they listed between $1 billion and $10 billion in debt saying they would shed $720 million during a reorganization.

Deutsche Bank Private Credit & Infrastructure is providing $300 million in debtor-in-possession financing to continue the operations of the excursions and ferries uninterrupted, while Strategic Value Partners and Crestview Partners will provide Hornblower with $121 million in new-money financing.

SVP will also “provide a significant equity investment in the business,” Hornblower said in a statement.

So how will this restructuring affect the future operations of City Cruises UK in London?

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