Hornblower Holdings LLC, a global cruise and ferry operator founded in 1980 and serving over 20 million guests annually across more than 100 countries through City Cruises, ferry services (including Alcatraz Island and Statue of Liberty routes), and experiential tourism brands, filed prepackaged Chapter 11 petitions on February 21, 2024 in the Southern District of Texas (Houston Division) (Case No. 24-90061) before Judge Marvin Isgur along with 103 affiliated entities. The filing followed pandemic-era revenue collapse—from $690 million in 2019 to $175 million in 2020—and debt accumulation that doubled total liabilities from $630 million (2019) to $1.2 billion (2023) while annual interest expenses tripled from $38 million to $115 million. The restructuring was supported by approximately 98% of first-lien obligation holders under a restructuring support agreement. The debtors obtained $585 million in DIP financing ($300 million senior facility from Deutsche Bank and $285 million junior facility), executed a $6.3 million sale of four American Queen Voyages paddlewheel vessels to American Cruise Lines, and confirmed a plan on June 6, 2024 centered on a $345 million equity rights offering, a $50 million Crestview cash contribution, and exit financing. The plan effective date occurred on July 3, 2024—approximately five months after filing—with Strategic Value Partners acquiring majority ownership and Crestview Partners retaining a significant minority position, reducing total debt by approximately $720 million (over 70%). First-lien claims received 96% of new equity and rights; general unsecured creditors shared a $250,000 pool. A final decree closing certain cases was entered September 3, 2024.