Hornblower Group Files For Chapter 11; to Be Acquired by SVP

Hornblower files for Chapter 11 bankruptcy in the Southern District of Texas, according to a court filing.

• Estimated liabilities: $1b-$10b
• Estimated assets: $500m-$1b
• Strategic Value Partners will acquire a majority ownership of Hornblower and provide a significant equity investment in the business, according to a separate statement
  • Crestview Partners to retain significant ownership
• Pact with investors provides for $121m in new-money financing from SVP-managed funds and Crestview
  • Separately received commitment for $300m in debtor-in-possession financing from Deutsche Bank Private Credit & Infrastructure to refinance existing term loan
  • Co’s total debt will be reduced by ~$720 million
• Hornblower’s overnight cruising business ...