ACL Goes from Chapter 7 to Chapter 11

The situation in the small ship market continued to deteriorate when American Cruise Lines converted its initial bankruptcy filing from Chapter 11 reorganization to Chapter 7 liquidation at the end of December.

The Haddam, Conn.-based cruise line, which had an outstanding debt of some $18.6 million and had repeatedly failed to generate sales in the winter season, has shut its doors and bankruptcy trustee Martin W. Hoffman of New Haven, Conn., said that the Charleston, New Orleans, Savannah and the America are for sale.

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