S&P sinks Hornblower to D

S&P said it downgraded its ratings for Hornblower HoldCo LLC and its senior secured debt to D from CCC- and C, respectively.

“We downgraded Hornblower after it initiated proceedings under Chapter 11 of the U.S. Bankruptcy Code. This follows a multiyear deterioration in the company's profitability, liquidity, and cash flows due to pandemic-related closures and subsequent slow recovery,” S&P said in a press release.

Hornblower entered a restructuring agreement that will lop off more than $850 million of debt. It also plans to sell or wind down the operations of American Queen Voyages. The company expects to emerge from the court-supervised bankruptcy process in about four months, the agency noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.