Hornblower receives court approval for financial restructuring plan

The US Bankruptcy Court for the Southern District of Texas has confirmed the plan of reorganisation submitted by San Francisco, California-based transport conglomerate the Hornblower Group. The company expects to successfully complete its financial restructuring and emerge from the court-supervised process in the coming weeks.

Hornblower said it has 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.

Under the terms of the plan, upon the company's emergence:

• Hornblower's majority ownership will transition to funds managed by Strategic Value Partners and its affiliates and Crestview Partners will retain a significant minority position in the company.
• Crestview will become the sole owner of Journey Beyond, a stand-alone operating unit of Hornblower and a travel provider in Australia.
• Hornblower will have reduced its total debt by approximately US$720 million and substantially increased its liquidity.

Hornblower filed for bankruptcy protection in the US and Canada in March 2024 following years of losses and debts exceeding US$1 billion. The company will now cease overnight cruise operations and instead focus on its ferry and tour boat business.