Hornblower Canada Co. et al., CCAA

Hornblower Canada Co. et al., a worldwide group of travel and tourism companies, had their Chapter 11 proceedings recognized under the CCAA on February 27.

The companies provide a wide array of tourist experiences, including sightseeing boat tours and ferries, walking tours, rail excursions and outback adventures.

Their total funded debt is approximately US$1.2 billion, and the Canadian entities guaranteed a large portion of that debt.

After years of growth, the companies suffered significant financial hardship due to the COVID-19 pandemic and related shutdowns. After taking on substantial debt to weather the pandemic, the companies have faced difficulties servicing their debt due to rising interest rates and underperformance of certain business operations.

Grant Thornton is the information officer.

Counsel is BLG for the companies, Bennett Jones for the information officer, Blakes for GLAS Trust Company, and Osler for Deutsche Bank as DIP lender.

By: Dina Milivojevic