New York Ferry Operator to Be Taken Over by SVP After Chapter 11

New York ferry operator Hornblower Group is being taken over by a investment firm after it filed for bankruptcy amid mounting losses and pledged to sell assets.

Strategic Value Partners LLCwill acquire a majority stake in the transport company, while Crestview Partners will retain a minority position, according to a statement. Under the deal, Hornblower will get $121 million in new financing, while its debt load will be reduced by roughly $720 million.

Closely held Hornblower, which also operates boats for Alcatraz Island, Niagara Falls, and the Statue of Liberty, has been fighting for profitability after pandemic-related closures. The ...