Hornblower Group laid out its plans to move forward without American Queen Voyages, its U.S. river cruise business that ceased operations on Feb. 20.
Hornblower said it will attempt to sell AQV but will wind down the business if that cannot be achieved. AQV was underperforming and failed to recover from the pandemic, said Hornblower Group president Adam Peakes.
With AQV no longer operating, Hornblower is left with tour/transportation company City Experiences and Journey Beyond, which operates rail excursions and day cruises in Australia. Hornblower said these two business are "delivering excellent results and serving thousands of guests every day," and that their operations are unaffected by the collapse of AQV.
Investment firm Strategic Value Partners will acquire Hornblower, making an equity investment in the business. Crestview Partners will retain a minority stake in Hornblower while becoming the sole owner of Journey Beyond.
The agreement also provides for Hornblower to receive $121 million in new financing from funds managed by Strategic Value Partners and Crestview.