Hornblower Group successfully completes financial restructuring

Hornblower Group
A Hornblower catamaran ferry

US travel company the Hornblower Group has successfully completed its financial restructuring process and emerged with new majority ownership, a focused portfolio, and financial flexibility to support its growth over the long term. With the completion of the financial restructuring, funds managed by Strategic Value Partners and its affiliates, a global alternative investment firm, have acquired majority ownership of Hornblower with Crestview Partners retaining a significant minority position in the company.

As a result of the restructuring process, Hornblower reduced its total debt by approximately US$720 million (or more than 70%) and substantially increased its liquidity. This will allow the company to continue to invest in the growth and expansion of its businesses. Crestview will meanwhile become the sole owner of Journey Beyond, a stand-alone operating unit of Hornblower and a travel provider in Australia.

The US Bankruptcy Court for the Southern District of Texas confirmed the plan of reorganisation submitted by Hornblower earlier this year. Hornblower said it used this process to position the business for future success with a more focused portfolio, introduce new majority ownership and strengthen its balance sheet for greater financial flexibility. Kevin Rabbitt, Hornblower Chief Executive Officer, said that throughout this process, the company has continued to provide land- and water-based travel experiences to guests around the world and bring commuters reliable transportation services.

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