Bidding War Comes to an End

The heated bidding war for what was left of American Classic Voyages' Delta Queen Steamboats abruptly came to an end at the beginning of May with Delaware North Companies sealing the deal for the vessel pair.

As originally reported in the May 2002 issue of MR/EN, (see Delta Queen Makes A Comeback, page 3), Chicagobased Waveland Investments and New Orleans-based Uniworld had submitted bids for the two steamships - Delta Queen and Mississippi Queen - the two remaining ships of the line, which declared bankruptcy this past October.

Waveland submitted its $3.75-million bid, with intentions to take over the vessels following their auction on May 3.

Delaware North, however had other plans.

The Buffalo, N.Y.-based company, which specializes in hospitality, retail and food service, acquired successfully all the assets and business of the Delta Queen Steamboat Co. — including the two above-mentioned steamboats — as well as the American Queen.

The company plans to assume ownership of the brand, following federal regulatory approval within the next month.

According to Delaware North, the company plans to keep the steamboats' base of operations in New Orleans, along with its reservation and sales center. In addition, the company plans to interview and retain the majority of the operation's employees.

Maritime Reporter Magazine, page 6, Jun 2002

Read Bidding War Comes to an End in Pdf, Flash or Html5 edition of June 2002 Maritime Reporter

Other stories from June 2002 issue

Content

Maritime Reporter

First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.