DISTRESSED DAILY: Covid Relief Boosts Hornblower’s Liquidity

The embattled operator of the NYC Ferry is poised to weather the slow winter period after reducing cash burn and receiving $115 million in Covid relief funds, according to Moody’s Investors Service.

Hornblower Cruises, which also has contracts to operate ferries to the Statue of Liberty and Alcatraz Island, now has “adequate” liquidity to get to 2022, analyst Peter Trombetta wrote in a report Monday that upgraded the company’s credit rating. That included around $120 million of cash as of September, though the company has no availability under a $22.5 million credit line.

While the company is likely to ...