Hornblower Holdings LLC
The firm represented the creditors' committee in the complex chapter 11 cases of Hornblower Holdings in the United States Bankruptcy Court for the Southern District of Texas. The Hornblower debtors were one of the largest and most diversified providers of tourism and transportation services globally, operating ferries, day cruises, and overnight cruses and providing related maritime and tourism services. Following an extensive investigation into the debtors, their insiders, and their prepetition debt and equity holders, the firm negotiated substantially more favorable treatment for general unsecured creditors under the confirmed plan from what was originally proposed by the debtors, including (i) a 13x increase in cash consideration, (ii) an interest in proceeds from certain litigation claims held by the debtors, (iii) the waiver of preference claims, and (iv) the waiver of funded-debt deficiency claims.
