SVP, Crestview Authorized for $345 Million Hornblower Offering

Investment firms Strategic Value Partners LLC and Crestview Partners won court approval to backstop the sale of $345 million in new equity in bankrupt New York ferry operator Hornblower Group.

• Judge Marvin Isgur said during a court hearing Friday he’d approve the backstop agreement pending documentation of a settlement between Hornblower and a committee representing the company’s unsecured creditors
  • The committee challenged a provision in the deal related to the indemnification of SVP and Crestview, but lawyers for Hornblower and the committee said Friday they resolved the dispute following a negotiation
• Participation in the rights offering is open to ...