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Hornblower Group (referred to as “Hornblower” or the “Company”) has announced that the U.S. Bankruptcy Court for the Southern District of Texas has approved its Plan of Reorganization. The Company anticipates completing its financial restructuring and emerging from the court-supervised process in the coming weeks. Through this process, Hornblower aims to set the stage for future success with a more focused portfolio, new majority ownership, and a strengthened balance sheet for enhanced financial flexibility.
Kevin Rabbitt, Hornblower Chief Executive Officer, 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.”
He added, “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.”
Upon the Company’s emergence under the terms of the Plan:
- Majority ownership of Hornblower will shift to funds managed by Strategic Value Partners, LLC and its affiliates (“SVP”), while Crestview Partners (“Crestview”) will maintain a significant minority stake in the Company.
- Crestview will take sole ownership of Journey Beyond, a stand-alone operating unit of Hornblower and Australia’s leading experiential travel provider.
- The Company will have reduced its total debt by approximately $720 million and significantly increased its liquidity.
David Geenberg, Co-Head of the North American Investment Team at SVP, 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, added, “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.”
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