American Queen Voyages (AQV) has filed a voluntary chapter 11 bankruptcy in a Texas court, proposing a potential March 27 auction date for the company’s assets.
AQV, in its filing, blamed the impact of Covid on its business and government-imposed travel restrictions. It also said repeated attempts to sell the business in 2023 resulted in little interest.
The company said that the lay up costs for its fleet of ships was approximately $300,000 per week.
“Given the significant layup costs, extending the proposed sale process for the AQV Assets therefore entails significant additional layup costs, which also raises the sale proceeds hurdle that the Debtors must clear for any sale to maximize value for the AQV Debtors’ estates,” the company wrote in its chapter 11 filing.
List of Creditors Who Have the 30 Largest Unsecured Claims
- Seatran Marine $3,995,938
- Pleasant Holidays $943,671
- Easton Coach Company $804,812
- Intercruises Shoreside and Port Services $792,329
- US Postal Service $743,750
- Bay Ship & Yacht Co $693,852
- Vacations To Go $570,399
- Port of San Diego $480,288
- Mittera Group $451,520
- Harbor Fuels $436,939
- American Express $400,165
- Toast Inc $374,822
- North River Shipyard $366,354
- University of Georgia $355,940
- Cruise Line Agencies of Alaska $339,614
- SunStone Ships $334,143
- FMC Globalsat Inc $331,258
- Riverview Tug Service $328,040
- Marine and Industrial Solutions $278,390
- Thames Marine Engineering $277,669
- Gurucul Solutions $249,442
- Peabody Memphis $244,570
- Pragmars, Llc $241,549
- Elevation Africa Destinations $227,837
- Travel Leaders Network $222,293
- BNA Marine Services $200,941
- Trove Professional Services $198,737
- Blanchard Machinery Company $190,110
- McKinsey & Company Undetermined
- Clyve Shaw & Kenardro Pressc/o Working Solutions Undetermined
