Staff Reports
In a stunning turn of events, the Hornblower Group, the mastermind behind the famous Alcatraz City Cruise tour, has hit rock bottom and filed for bankruptcy faster than you can say “Orange is the New Black.” Yup, you heard it right, folks – COVID-19 strikes again, this time sinking one of America’s cherished tourism staples.
Alcatraz Tour Company Files For Bankruptcy: REPORT https://t.co/VY40HniM0j
— Daily Caller (@DailyCaller) February 23, 2024
Drawing in a hefty 1.7 million guests yearly to partake in the Alcatraz escapade, the Hornblower Group found itself behind bars financially, with its bank account singing the blues faster than an escaped convict. The once bustling Alcatraz, where legends like Al Capone and “the Birdman of Alcatraz” were once locked away, saw its guardian cruise company succumb to the pandemic’s economic lockdown.
Handed a golden ticket in the form of a 15-year National Park Service contract just two years prior, the Hornblower Group quickly went from cruising on the high seas to drowning in a sea of financial woes. The company’s Chief Restructuring Officer spilled the tea, blaming the bankrupt iceberg on rising interest rates and the pandemic’s stranglehold on the tourism industry. Talk about a double whammy!
But fear not, dear readers, for a knight in shining armor by the name of Strategic Value Partners is riding in to save the day, snatching up the majority stake in the sinking ship and injecting a cool $121 million to keep the Alcatraz dream afloat. With a debt reduction of $720 million on the horizon, it looks like the Hornblower Group might just escape this financial prison after all.
Despite the stormy seas, CEO Kevin Rabbitt assures the Bay area operations will stay afloat, promising eager tourists that the Alcatraz City Cruise and City Cruises SF dining adventures will continue to sail smoothly. So, grab your life jackets and hold on tight, because this bankruptcy rollercoaster is in for a wild ride!
